Prudential Financial Inc. Sells 3,216 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Prudential Financial Inc. cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 1.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 257,404 shares of the industrial products company’s stock after selling 3,216 shares during the period. Prudential Financial Inc.’s holdings in Illinois Tool Works were worth $47,043,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITW. Price T Rowe Associates Inc. MD boosted its stake in Illinois Tool Works by 25.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,805,831 shares of the industrial products company’s stock valued at $511,363,000 after acquiring an additional 562,273 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $91,466,000. Charles Schwab Investment Management Inc. boosted its stake in Illinois Tool Works by 5.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock valued at $1,236,063,000 after acquiring an additional 326,412 shares in the last quarter. State Street Corp boosted its stake in Illinois Tool Works by 1.5% in the second quarter. State Street Corp now owns 12,821,085 shares of the industrial products company’s stock valued at $2,351,994,000 after acquiring an additional 187,268 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Illinois Tool Works by 21.1% in the second quarter. ProShare Advisors LLC now owns 855,494 shares of the industrial products company’s stock valued at $155,913,000 after acquiring an additional 149,012 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 1,390 shares of the business’s stock in a transaction on Friday, December 9th. The stock was bought at an average price of $221.81 per share, with a total value of $308,315.90. Following the completion of the acquisition, the director now owns 118,994 shares of the company’s stock, valued at $26,394,059.14. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.78% of the stock is owned by corporate insiders.

Illinois Tool Works Trading Up 0.1 %

Shares of Illinois Tool Works stock opened at $229.35 on Wednesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.41 and a quick ratio of 0.95. The firm has a fifty day moving average price of $224.70 and a 200 day moving average price of $208.68. Illinois Tool Works Inc. has a 1 year low of $173.52 and a 1 year high of $247.00. The stock has a market cap of $70.45 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 3.25 and a beta of 1.11.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings data on Tuesday, October 25th. The industrial products company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.10. Illinois Tool Works had a net margin of 17.49% and a return on equity of 80.65%. The company had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the company earned $2.02 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities research analysts predict that Illinois Tool Works Inc. will post 9.46 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 12th. Shareholders of record on Friday, December 30th were issued a $1.31 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $5.24 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works’s payout ratio is 59.82%.

Analysts Set New Price Targets

Several research firms have recently commented on ITW. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $210.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 19th. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $172.00 to $174.00 and gave the stock an “underweight” rating in a research note on Friday, January 6th. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $192.00 to $188.00 and set a “hold” rating for the company in a research note on Tuesday, October 11th. The Goldman Sachs Group lifted their price objective on shares of Illinois Tool Works from $210.00 to $238.00 and gave the stock a “neutral” rating in a research note on Thursday, December 15th. Finally, Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $200.00 to $222.00 and gave the stock a “neutral” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $207.64.

Illinois Tool Works Company Profile

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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.

Further Reading

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

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