Korea Investment CORP reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 81.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,758 shares of the industrial products company’s stock after selling 273,684 shares during the period. Korea Investment CORP’s holdings in Illinois Tool Works were worth $8,715,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. SRS Capital Advisors Inc. lifted its holdings in Illinois Tool Works by 540.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 737 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 622 shares in the last quarter. Capital Advisors Ltd. LLC lifted its holdings in Illinois Tool Works by 220.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 797 shares of the industrial products company’s stock worth $112,000 after purchasing an additional 548 shares in the last quarter. Sun Life Financial INC lifted its holdings in Illinois Tool Works by 277.2% in the 2nd quarter. Sun Life Financial INC now owns 826 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 607 shares in the last quarter. Fort L.P. purchased a new position in Illinois Tool Works in the 2nd quarter worth approximately $117,000. Finally, Valley National Advisers Inc. lifted its holdings in Illinois Tool Works by 180.4% in the 3rd quarter. Valley National Advisers Inc. now owns 875 shares of the industrial products company’s stock worth $123,000 after purchasing an additional 563 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on ITW shares. Zacks Investment Research raised Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Monday, September 17th. ValuEngine cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Morgan Stanley started coverage on Illinois Tool Works in a report on Monday, August 20th. They set an “equal weight” rating and a $146.00 price objective on the stock. Wells Fargo & Co reaffirmed a “buy” rating and set a $150.00 price objective (down from $160.00) on shares of Illinois Tool Works in a report on Wednesday, October 17th. Finally, Gordon Haskett started coverage on Illinois Tool Works in a report on Friday, October 12th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $147.69.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.02. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.72 billion. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.71 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 7.6 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 10th. Shareholders of record on Monday, December 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 60.70%.
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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