First National Bank of Mount Dora Trust Investment Services cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 27,816 shares of the industrial products company’s stock after selling 1,925 shares during the period. Illinois Tool Works accounts for approximately 2.0% of First National Bank of Mount Dora Trust Investment Services’ portfolio, making the stock its 23rd biggest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Illinois Tool Works were worth $4,641,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of ITW. Sei Investments Co. boosted its position in shares of Illinois Tool Works by 3.6% during the second quarter. Sei Investments Co. now owns 134,996 shares of the industrial products company’s stock worth $19,339,000 after buying an additional 4,630 shares during the period. Oakworth Capital Inc. lifted its position in Illinois Tool Works by 8.9% in the second quarter. Oakworth Capital Inc. now owns 2,024 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 165 shares during the period. Stratos Wealth Partners LTD. lifted its position in Illinois Tool Works by 46.1% in the second quarter. Stratos Wealth Partners LTD. now owns 22,986 shares of the industrial products company’s stock worth $3,293,000 after purchasing an additional 7,250 shares during the period. Telemus Capital LLC acquired a new stake in Illinois Tool Works in the second quarter worth approximately $214,000. Finally, Korea Investment CORP lifted its position in Illinois Tool Works by 0.5% in the second quarter. Korea Investment CORP now owns 490,896 shares of the industrial products company’s stock worth $70,321,000 after purchasing an additional 2,379 shares during the period. Institutional investors and hedge funds own 74.70% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at $166.03 on Monday. Illinois Tool Works Inc. has a 52-week low of $120.06 and a 52-week high of $169.69. The company has a market capitalization of $56,880.00, a price-to-earnings ratio of 25.46, a PEG ratio of 2.28 and a beta of 1.18. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the firm earned $1.50 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. sell-side analysts forecast that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.88%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.85%.
In other Illinois Tool Works news, insider Harold B. Smith sold 30,000 shares of the business’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $166.43, for a total transaction of $4,992,900.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Norman D. Jr. Finch bought 4,986 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were purchased at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the completion of the purchase, the vice president now owns 4,371 shares in the company, valued at $683,362.14. The disclosure for this purchase can be found here. Insiders have sold a total of 214,791 shares of company stock valued at $34,665,964 in the last quarter. Insiders own 0.90% of the company’s stock.
ITW has been the subject of a number of research analyst reports. Argus restated a “buy” rating and issued a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Morgan Stanley upped their target price on Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Citigroup restated a “buy” rating and issued a $171.00 target price (up from $162.00) on shares of Illinois Tool Works in a research report on Monday, October 9th. Wells Fargo & Co set a $170.00 target price on Illinois Tool Works and gave the stock a “buy” rating in a research report on Monday, October 16th. They noted that the move was a valuation call. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $155.00 target price (up from $143.00) on shares of Illinois Tool Works in a research report on Friday, October 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Illinois Tool Works currently has an average rating of “Hold” and an average price target of $166.13.
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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.
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