Shelter Mutual Insurance Co cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,710 shares of the industrial products company’s stock after selling 4,430 shares during the quarter. Illinois Tool Works comprises approximately 2.0% of Shelter Mutual Insurance Co’s portfolio, making the stock its 21st biggest position. Shelter Mutual Insurance Co’s holdings in Illinois Tool Works were worth $6,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of ITW. Thoroughbred Financial Services LLC increased its holdings in shares of Illinois Tool Works by 15,116.7% during the second quarter. Thoroughbred Financial Services LLC now owns 661,166 shares of the industrial products company’s stock valued at $66,117,000 after acquiring an additional 656,821 shares in the last quarter. Ellis Investment Partners LLC increased its holdings in Illinois Tool Works by 14,261.0% in the 1st quarter. Ellis Investment Partners LLC now owns 390,476 shares of the industrial products company’s stock worth $390,000 after buying an additional 387,757 shares in the last quarter. First Trust Advisors LP increased its holdings in Illinois Tool Works by 144.7% in the 1st quarter. First Trust Advisors LP now owns 540,743 shares of the industrial products company’s stock worth $77,613,000 after buying an additional 319,752 shares in the last quarter. Geode Capital Management LLC increased its holdings in Illinois Tool Works by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 3,925,119 shares of the industrial products company’s stock worth $496,400,000 after buying an additional 227,625 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in Illinois Tool Works by 26.3% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 736,032 shares of the industrial products company’s stock worth $111,001,000 after buying an additional 153,450 shares in the last quarter. Hedge funds and other institutional investors own 77.88% of the company’s stock.
NYSE:ITW traded up $0.17 on Thursday, hitting $146.76. The stock had a trading volume of 34,790 shares, compared to its average volume of 1,512,823. The stock has a market cap of $47.60 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 2.48 and a beta of 1.23. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52. The business has a 50-day moving average price of $151.00. Illinois Tool Works Inc. has a 52-week low of $117.75 and a 52-week high of $160.78.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the previous year, the firm earned $1.97 EPS. The business’s quarterly revenue was down 5.8% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post 7.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Monday, September 30th will be issued a $1.07 dividend. The ex-dividend date is Friday, September 27th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 dividend on an annualized basis and a yield of 2.92%. Illinois Tool Works’s payout ratio is currently 52.63%.
In related news, EVP Steven L. Martindale sold 48,622 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total value of $7,579,197.36. Following the transaction, the executive vice president now directly owns 84,546 shares of the company’s stock, valued at approximately $13,179,030.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael R. Zimmerman sold 9,325 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $160.00, for a total value of $1,492,000.00. Following the completion of the transaction, the insider now directly owns 16,315 shares in the company, valued at $2,610,400. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,878 shares of company stock worth $11,313,386. 0.87% of the stock is owned by insiders.
Several research firms recently commented on ITW. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price objective for the company. in a report on Tuesday, July 9th. UBS Group raised their target price on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Argus raised their target price on Illinois Tool Works from $145.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Northcoast Research cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price on the stock. in a research report on Wednesday, June 26th. Finally, Morgan Stanley set a $134.00 target price on Illinois Tool Works and gave the stock a “sell” rating in a research report on Friday, April 26th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $142.33.
Illinois Tool Works 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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