Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 15.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 247,355 shares of the industrial products company’s stock after selling 46,153 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.08% of Illinois Tool Works worth $54,038,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Budros Ruhlin & Roe Inc. grew its position in Illinois Tool Works by 3.4% during the 1st quarter. Budros Ruhlin & Roe Inc. now owns 7,755 shares of the industrial products company’s stock valued at $1,718,000 after purchasing an additional 255 shares during the last quarter. InterOcean Capital Group LLC bought a new position in Illinois Tool Works during the 1st quarter valued at about $210,000. Advisory Research Inc. bought a new position in Illinois Tool Works during the 1st quarter valued at about $1,515,000. McIlrath & Eck LLC lifted its stake in Illinois Tool Works by 556.0% during the 1st quarter. McIlrath & Eck LLC now owns 328 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 278 shares during the period. Finally, Elo Mutual Pension Insurance Co lifted its stake in Illinois Tool Works by 1.6% during the 1st quarter. Elo Mutual Pension Insurance Co now owns 22,835 shares of the industrial products company’s stock valued at $5,058,000 after acquiring an additional 357 shares during the period. 77.80% of the stock is currently owned by institutional investors.
In related news, CAO Randall J. Scheuneman sold 6,820 shares of the firm’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $237.32, for a total value of $1,618,522.40. Following the completion of the transaction, the chief accounting officer now directly owns 14,622 shares of the company’s stock, valued at $3,470,093.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.80% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Friday, April 30th. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.21. Illinois Tool Works had a net margin of 17.18% and a return on equity of 78.80%. The business had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the firm posted $1.77 EPS. The company’s revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 8.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Tuesday, June 29th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 65.14%.
Several brokerages have recently weighed in on ITW. JPMorgan Chase & Co. increased their price objective on shares of Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 14th. They noted that the move was a valuation call. Credit Suisse Group increased their price objective on shares of Illinois Tool Works from $242.00 to $261.00 and gave the stock an “outperform” rating in a research note on Monday, May 3rd. Argus increased their price objective on shares of Illinois Tool Works from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th. BMO Capital Markets increased their price objective on shares of Illinois Tool Works from $225.00 to $235.00 and gave the stock a “market perform” rating in a research note on Monday, May 3rd. Finally, Morgan Stanley increased their target price on shares of Illinois Tool Works from $189.00 to $207.00 and gave the stock an “underweight” rating in a report on Monday, May 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $224.73.
Illinois Tool Works Company 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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