Community Bank N.A. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,776 shares of the industrial products company’s stock after buying an additional 1,495 shares during the quarter. Community Bank N.A.’s holdings in Illinois Tool Works were worth $3,355,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in ITW. Cannell Peter B & Co. Inc. grew its position in Illinois Tool Works by 42.8% in the third quarter. Cannell Peter B & Co. Inc. now owns 61,709 shares of the industrial products company’s stock worth $8,708,000 after acquiring an additional 18,500 shares in the last quarter. Brookstone Capital Management grew its position in Illinois Tool Works by 49.3% in the third quarter. Brookstone Capital Management now owns 3,401 shares of the industrial products company’s stock worth $480,000 after acquiring an additional 1,123 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Illinois Tool Works by 13.7% in the third quarter. Janney Montgomery Scott LLC now owns 66,200 shares of the industrial products company’s stock worth $9,342,000 after acquiring an additional 7,960 shares in the last quarter. Psagot Investment House Ltd. grew its position in Illinois Tool Works by 146.7% in the third quarter. Psagot Investment House Ltd. now owns 1,480 shares of the industrial products company’s stock worth $209,000 after acquiring an additional 880 shares in the last quarter. Finally, First National Bank of Omaha grew its position in Illinois Tool Works by 20.9% in the third quarter. First National Bank of Omaha now owns 2,280 shares of the industrial products company’s stock worth $321,000 after acquiring an additional 394 shares in the last quarter. Hedge funds and other institutional investors own 76.56% of the company’s stock.
Several analysts have commented on the stock. Goldman Sachs Group reissued a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Robert W. Baird decreased their target price on shares of Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating for the company in a research report on Tuesday, July 24th. ValuEngine raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Royal Bank of Canada decreased their price objective on shares of Illinois Tool Works to $150.00 and set a “sector perform” rating for the company in a report on Tuesday, July 24th. Finally, Deutsche Bank set a $152.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, July 12th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $150.18.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.02. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.72 billion. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. Illinois Tool Works’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.71 EPS. On average, equities research analysts expect that Illinois Tool Works Inc. will post 7.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Monday, December 31st will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.99%. The ex-dividend date is Friday, December 28th. Illinois Tool Works’s payout ratio is currently 60.70%.
Illinois Tool Works declared that its board has approved a stock buyback plan on Friday, August 3rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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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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