Migdal Insurance & Financial Holdings Ltd. cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 21.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,159 shares of the industrial products company’s stock after selling 858 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Illinois Tool Works were worth $447,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ITW. Omnia Family Wealth LLC raised its stake in Illinois Tool Works by 0.3% during the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after buying an additional 2 shares during the last quarter. Private Vista LLC raised its stake in Illinois Tool Works by 13,697.3% during the second quarter. Private Vista LLC now owns 279,534 shares of the industrial products company’s stock valued at $108,000 after buying an additional 277,508 shares during the last quarter. Harding Loevner LP purchased a new position in Illinois Tool Works during the second quarter valued at $115,000. Salem Investment Counselors Inc. raised its stake in Illinois Tool Works by 1.9% during the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock valued at $129,000 after buying an additional 17 shares during the last quarter. Finally, FNY Partners Fund LP purchased a new position in Illinois Tool Works during the first quarter valued at $132,000. Institutional investors own 74.65% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE ITW) opened at 157.35 on Tuesday. Illinois Tool Works Inc. has a 12-month low of $111.53 and a 12-month high of $159.36. The company has a market cap of $54.15 billion, a price-to-earnings ratio of 25.46 and a beta of 1.12. The firm’s 50-day moving average price is $150.57 and its 200 day moving average price is $143.40.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.20. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. On average, analysts predict that Illinois Tool Works Inc. will post $6.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.98%. Illinois Tool Works’s payout ratio is currently 47.78%.
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A number of research analysts have issued reports on ITW shares. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 price objective for the company in a research note on Tuesday, August 1st. BMO Capital Markets reiterated a “buy” rating and set a $160.00 price objective on shares of Illinois Tool Works in a research note on Thursday, July 20th. Jefferies Group LLC reiterated a “buy” rating and set a $170.00 price objective (up previously from $155.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. Citigroup Inc. reiterated a “buy” rating and set a $162.00 price objective on shares of Illinois Tool Works in a research note on Tuesday, September 26th. Finally, Wells Fargo & Company set a $170.00 price objective on Illinois Tool Works and gave the company a “buy” rating in a research note on Monday, October 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $157.27.
In other Illinois Tool Works news, insider Steven L. Martindale sold 64,818 shares of Illinois Tool Works stock in a transaction dated 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 completion of the transaction, the insider now owns 95,328 shares in the company, valued at approximately $14,984,608.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Norman D. Jr. Finch acquired 4,986 shares of Illinois Tool Works stock in a transaction on Wednesday, October 25th. The shares were bought at an average price of $156.34 per share, with a total value of $779,511.24. Following the purchase, the vice president now directly owns 4,371 shares in the company, valued at approximately $683,362.14. The disclosure for this purchase can be found here. Insiders have sold a total of 126,506 shares of company stock valued at $19,801,832 in the last quarter. Company insiders own 0.90% of the company’s stock.
About Illinois Tool Works
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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