Oakworth Capital Inc. Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Oakworth Capital Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 11.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,317 shares of the industrial products company’s stock after buying an additional 231 shares during the period. Oakworth Capital Inc.’s holdings in Illinois Tool Works were worth $349,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Valeo Financial Advisors LLC raised its holdings in shares of Illinois Tool Works by 10.5% during the second quarter. Valeo Financial Advisors LLC now owns 788 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 75 shares during the last quarter. ETF Managers Group LLC raised its holdings in shares of Illinois Tool Works by 8.9% during the first quarter. ETF Managers Group LLC now owns 926 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 76 shares during the last quarter. Capital Investment Advisory Services LLC raised its holdings in shares of Illinois Tool Works by 3.8% during the first quarter. Capital Investment Advisory Services LLC now owns 2,156 shares of the industrial products company’s stock worth $309,000 after purchasing an additional 79 shares during the last quarter. Trillium Asset Management LLC raised its holdings in shares of Illinois Tool Works by 0.7% during the first quarter. Trillium Asset Management LLC now owns 12,099 shares of the industrial products company’s stock worth $1,737,000 after purchasing an additional 79 shares during the last quarter. Finally, Berman Capital Advisors LLC raised its holdings in shares of Illinois Tool Works by 23.5% during the first quarter. Berman Capital Advisors LLC now owns 431 shares of the industrial products company’s stock worth $61,000 after purchasing an additional 82 shares during the last quarter. 77.88% of the stock is owned by institutional investors and hedge funds.

Several analysts recently commented on the stock. Citigroup set a $161.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. upgraded shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and raised their price target for the company from $120.00 to $144.00 in a research report on Friday, April 26th. Argus raised their price target on shares of Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $143.00 to $154.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price target on the stock. in a research report on Tuesday, July 9th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $142.33.

In other news, insider Michael R. Zimmerman sold 9,325 shares of Illinois Tool Works stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $160.00, for a total value of $1,492,000.00. Following the sale, the insider now owns 16,315 shares in the company, valued at $2,610,400. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Randall J. Scheuneman sold 14,931 shares of Illinois Tool Works stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $150.17, for a total transaction of $2,242,188.27. Following the completion of the sale, the vice president now owns 21,603 shares in the company, valued at approximately $3,244,122.51. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,878 shares of company stock worth $11,313,386. Company insiders own 0.87% of the company’s stock.

Shares of NYSE ITW traded up $3.60 during trading on Friday, hitting $150.22. The company had a trading volume of 922,400 shares, compared to its average volume of 1,497,537. The stock has a fifty day simple moving average of $150.94 and a two-hundred day simple moving average of $148.27. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $160.78. The firm has a market capitalization of $47.43 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 2.46 and a beta of 1.23. The company has a quick ratio of 2.30, a current ratio of 2.87 and a debt-to-equity ratio of 2.52.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the business earned $1.97 earnings per share. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 7.74 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Monday, September 30th will be given a $1.07 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, September 27th. This represents a $4.28 annualized dividend and a dividend yield of 2.85%. Illinois Tool Works’s dividend payout ratio (DPR) is 52.63%.

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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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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