Essex Financial Services Inc. lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 20.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,320 shares of the industrial products company’s stock after acquiring an additional 394 shares during the period. Essex Financial Services Inc.’s holdings in Illinois Tool Works were worth $387,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Laurel Wealth Advisors Inc. lifted its stake in Illinois Tool Works by 0.3% in the second quarter. Laurel Wealth Advisors Inc. now owns 3,638 shares of the industrial products company’s stock worth $521,000 after purchasing an additional 10 shares during the last quarter. Rowland & Co. Investment Counsel ADV lifted its stake in Illinois Tool Works by 0.4% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 3,607 shares of the industrial products company’s stock worth $518,000 after purchasing an additional 13 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in Illinois Tool Works by 1.9% in the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after purchasing an additional 17 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Illinois Tool Works by 0.5% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 4,195 shares of the industrial products company’s stock worth $600,000 after purchasing an additional 20 shares during the last quarter. Finally, MML Investors Services LLC lifted its stake in Illinois Tool Works by 0.5% in the second quarter. MML Investors Services LLC now owns 7,043 shares of the industrial products company’s stock worth $1,009,000 after purchasing an additional 32 shares during the last quarter. 74.41% of the stock is owned by institutional investors.
ITW has been the subject of several recent research reports. Royal Bank of Canada boosted their price target on shares of Illinois Tool Works from $143.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 24th. Stifel Nicolaus decreased their price objective on shares of Illinois Tool Works from $162.00 to $158.00 and set a “hold” rating on the stock in a research report on Tuesday, October 24th. Argus restated a “buy” rating and issued a $180.00 price objective (up previously from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Credit Suisse Group decreased their price objective on shares of Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 24th. Finally, BMO Capital Markets boosted their price objective on shares of Illinois Tool Works from $160.00 to $165.00 and gave the company an “outperform” rating in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $177.18.
Shares of Illinois Tool Works Inc. (ITW) traded up $0.20 during midday trading on Tuesday, hitting $162.75. 694,578 shares of the company traded hands, compared to its average volume of 1,463,850. Illinois Tool Works Inc. has a one year low of $129.17 and a one year high of $179.07. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.38 and a quick ratio of 1.98. The stock has a market capitalization of $55,690.00, a PE ratio of 23.99, a P/E/G ratio of 2.09 and a beta of 1.18.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, January 24th. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.08. Illinois Tool Works had a net margin of 11.79% and a return on equity of 48.42%. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the previous year, the company earned $1.39 earnings per share. Illinois Tool Works’s quarterly revenue was up 6.8% on a year-over-year basis. equities analysts anticipate that Illinois Tool Works Inc. will post 7.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Friday, March 30th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, March 28th. Illinois Tool Works’s dividend payout ratio is currently 46.02%.
In other Illinois Tool Works news, insider Roland M. Martel sold 64,818 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $167.41, for a total value of $10,851,181.38. Following the sale, the insider now owns 26,222 shares in the company, valued at $4,389,825.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Harold B. Smith sold 30,000 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $166.43, for a total transaction of $4,992,900.00. The disclosure for this sale can be found here. Insiders have sold 113,468 shares of company stock worth $19,163,781 in the last quarter. 0.90% of the stock is owned by corporate insiders.
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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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