Palisade Asset Management LLC cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 25.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,163 shares of the industrial products company’s stock after selling 1,420 shares during the period. Palisade Asset Management LLC’s holdings in Illinois Tool Works were worth $598,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of ITW. JPMorgan Chase & Co. increased its stake in shares of Illinois Tool Works by 4.9% during the third quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock valued at $825,423,000 after buying an additional 274,579 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Illinois Tool Works by 20.9% during the third quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock valued at $677,888,000 after buying an additional 830,998 shares during the period. LPL Financial LLC increased its stake in shares of Illinois Tool Works by 39.1% during the third quarter. LPL Financial LLC now owns 69,780 shares of the industrial products company’s stock valued at $9,847,000 after buying an additional 19,616 shares during the period. Pacer Advisors Inc. grew its stake in Illinois Tool Works by 13.7% in the third quarter. Pacer Advisors Inc. now owns 16,119 shares of the industrial products company’s stock worth $2,275,000 after purchasing an additional 1,948 shares during the period. Finally, Man Group plc grew its stake in Illinois Tool Works by 608.0% in the third quarter. Man Group plc now owns 86,670 shares of the industrial products company’s stock worth $12,231,000 after purchasing an additional 74,429 shares during the period. 78.67% of the stock is currently owned by hedge funds and other institutional investors.
ITW has been the topic of several recent research reports. BMO Capital Markets reduced their price target on Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating on the stock in a research note on Monday, February 25th. Morgan Stanley cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $131.00 to $115.00 in a research note on Tuesday, December 18th. Citigroup cut Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $144.00 price target on the stock. in a research note on Monday, January 14th. Credit Suisse Group reaffirmed a “hold” rating and issued a $124.00 price target on shares of Illinois Tool Works in a research note on Tuesday, January 22nd. Finally, Deutsche Bank cut Illinois Tool Works from a “hold” rating to a “sell” rating and reduced their price target for the stock from $133.00 to $125.00 in a research note on Sunday, December 16th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $136.60.
Shares of NYSE ITW traded down $0.78 during trading on Monday, reaching $155.62. The company had a trading volume of 814,371 shares, compared to its average volume of 1,409,075. Illinois Tool Works Inc. has a 12-month low of $117.75 and a 12-month high of $160.21. The stock has a market cap of $51.13 billion, a P/E ratio of 20.48, a P/E/G ratio of 2.52 and a beta of 1.19. The company has a current ratio of 1.63, a quick ratio of 1.26 and a debt-to-equity ratio of 1.85.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, February 1st. The industrial products company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.01. Illinois Tool Works had a return on equity of 69.48% and a net margin of 17.35%. The firm had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the firm posted $1.70 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, analysts forecast that Illinois Tool Works Inc. will post 7.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Friday, March 29th were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.57%. Illinois Tool Works’s dividend payout ratio is currently 52.63%.
In other news, EVP Juan Valls sold 52,265 shares of the company’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $142.41, for a total transaction of $7,443,058.65. Following the transaction, the executive vice president now directly owns 78,620 shares of the company’s stock, valued at $11,196,274.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sundaram Nagarajan sold 18,651 shares of the company’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $137.75, for a total value of $2,569,175.25. Following the transaction, the insider now directly owns 44,954 shares in the company, valued at $6,192,413.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,970 shares of company stock worth $18,348,472. Corporate insiders own 0.87% of the company’s stock.
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Illinois Tool Works Profile
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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