Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 77,398 shares of the industrial products company’s stock after buying an additional 2,184 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Illinois Tool Works were worth $11,452,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Cetera Investment Advisers acquired a new stake in shares of Illinois Tool Works in the second quarter valued at $601,000. Quantbot Technologies LP grew its stake in Illinois Tool Works by 71.3% during the 2nd quarter. Quantbot Technologies LP now owns 25,132 shares of the industrial products company’s stock worth $3,600,000 after purchasing an additional 10,457 shares in the last quarter. Ffcm LLC grew its stake in Illinois Tool Works by 6.4% during the 2nd quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock worth $1,698,000 after purchasing an additional 714 shares in the last quarter. Oakmont Partners LLC grew its stake in Illinois Tool Works by 51.1% during the 2nd quarter. Oakmont Partners LLC now owns 15,856 shares of the industrial products company’s stock worth $2,271,000 after purchasing an additional 5,362 shares in the last quarter. Finally, Sumitomo Life Insurance Co. grew its stake in Illinois Tool Works by 4.4% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 18,497 shares of the industrial products company’s stock worth $2,650,000 after purchasing an additional 786 shares in the last quarter. Hedge funds and other institutional investors own 74.83% of the company’s stock.
Illinois Tool Works Inc. (NYSE ITW) traded down $1.20 during midday trading on Wednesday, reaching $165.02. The company’s stock had a trading volume of 1,118,400 shares, compared to its average volume of 1,207,981. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.41 and a quick ratio of 1.98. Illinois Tool Works Inc. has a 52 week low of $120.06 and a 52 week high of $169.69. The firm has a market cap of $56,946.80, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.48 and a beta of 1.18.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.20. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 EPS. research analysts predict that Illinois Tool Works Inc. will post 6.69 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.78%.
Several research analysts recently commented on the company. Argus reissued a “buy” rating and set a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. BMO Capital Markets boosted their target price on Illinois Tool Works to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday. Credit Suisse Group lowered their target price 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. Royal Bank Of Canada reissued a “sector perform” rating and set a $155.00 target price (up from $143.00) on shares of Illinois Tool Works in a research note on Friday, October 20th. They noted that the move was a valuation call. Finally, Citigroup reissued a “buy” rating and set a $162.00 target price on shares of Illinois Tool Works in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $162.67.
In related news, insider Steven L. Martindale sold 64,818 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the sale, the insider now owns 95,328 shares of the company’s stock, valued at $14,984,608.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John R. Hartnett sold 6,533 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,506 shares of company stock worth $19,801,832. Corporate insiders own 0.90% of the company’s stock.
Illinois Tool Works 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.
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