Kanawha Capital Management LLC Lowers Stake in Illinois Tool Works Inc. (ITW)

Kanawha Capital Management LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,723 shares of the industrial products company’s stock after selling 859 shares during the quarter. Illinois Tool Works accounts for 2.0% of Kanawha Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Kanawha Capital Management LLC’s holdings in Illinois Tool Works were worth $12,832,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ITW. BlackRock Inc. grew its holdings in Illinois Tool Works by 1,661.3% during the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after buying an additional 18,221,359 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Illinois Tool Works by 2,939.8% during the second quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock worth $537,498,000 after buying an additional 3,628,722 shares in the last quarter. Koch Industries Inc. grew its holdings in Illinois Tool Works by 31,484.3% during the second quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock worth $763,000 after buying an additional 765,699 shares in the last quarter. Parametric Portfolio Associates LLC grew its holdings in Illinois Tool Works by 100.8% during the second quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock worth $201,869,000 after buying an additional 707,287 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. grew its holdings in Illinois Tool Works by 116.7% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 1,032,408 shares of the industrial products company’s stock worth $147,892,000 after buying an additional 555,923 shares in the last quarter. 75.03% of the stock is currently owned by institutional investors.

A number of brokerages have issued reports on ITW. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Royal Bank Of Canada upped their price objective on Illinois Tool Works from $143.00 to $155.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 24th. Stifel Nicolaus reduced their price objective on Illinois Tool Works from $162.00 to $158.00 and set a “hold” rating for the company in a research note on Tuesday, October 24th. Argus restated a “buy” rating and issued a $180.00 price objective (up previously from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. Finally, Credit Suisse Group reduced their price objective on Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating for the company in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $157.27.

Shares of Illinois Tool Works Inc. (NYSE ITW) opened at $157.14 on Monday. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48. Illinois Tool Works Inc. has a fifty-two week low of $120.06 and a fifty-two week high of $159.36. The company has a market capitalization of $53,836.01, a price-to-earnings ratio of 24.94, a P/E/G ratio of 2.35 and a beta of 1.16.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.20. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the company posted $1.50 earnings per share. Illinois Tool Works’s revenue for the quarter was up 3.4% on a year-over-year basis. analysts forecast that Illinois Tool Works Inc. will post 6.7 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be given a $0.78 dividend. The ex-dividend date is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.99%. Illinois Tool Works’s dividend payout ratio is currently 47.78%.

In other news, EVP Juan Valls sold 48,622 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $156.73, for a total transaction of $7,620,526.06. Following the transaction, the executive vice president now owns 71,101 shares of the company’s stock, valued at $11,143,659.73. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven L. Martindale sold 64,818 shares of the stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $157.19, for a total value of $10,188,741.42. Following the completion of the transaction, the insider now directly owns 95,328 shares in the company, valued at approximately $14,984,608.32. The disclosure for this sale can be found here. Insiders sold 126,506 shares of company stock worth $19,801,832 over the last quarter. 0.90% of the stock is owned by company insiders.

TRADEMARK VIOLATION NOTICE: This story was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this story on another website, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this story can be accessed at https://ledgergazette.com/2017/11/13/kanawha-capital-management-llc-lowers-stake-in-illinois-tool-works-inc-itw.html.

Illinois Tool Works Company Profile

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

Receive News & Ratings for Illinois Tool Works Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply