Taylor Hoffman Wealth Management lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 88.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,013 shares of the industrial products company’s stock after acquiring an additional 942 shares during the period. Taylor Hoffman Wealth Management’s holdings in Illinois Tool Works were worth $315,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Benjamin Edwards Inc. raised its stake in shares of Illinois Tool Works by 6.7% in the 3rd quarter. Benjamin Edwards Inc. now owns 1,015 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 64 shares in the last quarter. Whitnell & Co. raised its stake in shares of Illinois Tool Works by 39.7% in the 3rd quarter. Whitnell & Co. now owns 28,497 shares of the industrial products company’s stock valued at $4,459,000 after acquiring an additional 8,101 shares in the last quarter. Swaine & Leidel Wealth Services LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter valued at approximately $2,489,000. Montag A & Associates Inc. raised its stake in shares of Illinois Tool Works by 7.6% in the 3rd quarter. Montag A & Associates Inc. now owns 9,861 shares of the industrial products company’s stock valued at $1,543,000 after acquiring an additional 695 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Illinois Tool Works by 18.7% in the 3rd quarter. First Trust Advisors LP now owns 689,810 shares of the industrial products company’s stock valued at $107,948,000 after acquiring an additional 108,697 shares in the last quarter. 78.17% of the stock is currently owned by institutional investors and hedge funds.
In other news, CAO Randall J. Scheuneman sold 11,977 shares of Illinois Tool Works stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $171.63, for a total transaction of $2,055,612.51. Following the sale, the chief accounting officer now owns 18,649 shares of the company’s stock, valued at approximately $3,200,727.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael R. Zimmerman sold 6,600 shares of Illinois Tool Works stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $172.43, for a total value of $1,138,038.00. Following the sale, the executive vice president now directly owns 13,590 shares in the company, valued at approximately $2,343,323.70. The disclosure for this sale can be found here. Insiders have sold a total of 346,180 shares of company stock worth $57,725,646 in the last three months. 0.87% of the stock is owned by insiders.
A number of research analysts recently weighed in on the company. Citigroup cut their price objective on Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Argus set a $180.00 price objective on Illinois Tool Works and gave the company a “buy” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price target on Illinois Tool Works from $136.00 to $142.00 and gave the stock an “underweight” rating in a research report on Monday, October 28th. Credit Suisse Group lifted their price target on Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. Finally, Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 price target on the stock. in a research report on Monday, October 28th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $150.57.
NYSE ITW traded down $0.10 during trading on Friday, hitting $176.41. The company’s stock had a trading volume of 995,797 shares, compared to its average volume of 1,318,047. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 2.57. The firm has a 50 day moving average price of $160.07 and a 200 day moving average price of $153.13. The firm has a market cap of $56.63 billion, a P/E ratio of 23.21, a price-to-earnings-growth ratio of 2.99 and a beta of 1.22. Illinois Tool Works Inc. has a 52 week low of $117.75 and a 52 week high of $179.29.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, October 25th. The industrial products company reported $2.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.94 by $0.10. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.55 billion. Illinois Tool Works had a return on equity of 80.38% and a net margin of 17.49%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.76 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 7.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, December 30th. Illinois Tool Works’s payout ratio is presently 56.32%.
About Illinois Tool Works
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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