Manitou Investment Management Ltd. lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 11.5% during the first quarter, Holdings Channel reports. The fund owned 3,476 shares of the industrial products company’s stock after selling 450 shares during the period. Manitou Investment Management Ltd.’s holdings in Illinois Tool Works were worth $460,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ITW. FCM Investments TX purchased a new position in Illinois Tool Works during the first quarter valued at $106,000. MCF Advisors LLC boosted its position in Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock valued at $109,000 after buying an additional 200 shares during the last quarter. TrimTabs Asset Management LLC boosted its position in Illinois Tool Works by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock valued at $118,000 after buying an additional 416 shares during the last quarter. Hudock Capital Group LLC boosted its position in Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock valued at $139,000 after buying an additional 6 shares during the last quarter. Finally, LeJeune Puetz Investment Counsel LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at $162,000. Hedge funds and other institutional investors own 75.91% of the company’s stock.
Illinois Tool Works Inc. (NYSE:ITW) opened at 146.06 on Monday. Illinois Tool Works Inc. has a 12 month low of $106.69 and a 12 month high of $150.29. The company has a 50 day moving average price of $142.60 and a 200-day moving average price of $133.40. The company has a market cap of $50.46 billion, a PE ratio of 24.54 and a beta of 1.12.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.09. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Illinois Tool Works had a return on equity of 45.02% and a net margin of 15.24%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 EPS. Equities analysts predict that Illinois Tool Works Inc. will post $6.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 12th. Shareholders of record on Friday, June 30th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.60 dividend on an annualized basis and a yield of 1.78%. Illinois Tool Works’s dividend payout ratio is currently 43.70%.
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Several research analysts have weighed in on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Jefferies Group LLC reiterated a “buy” rating and set a $155.00 price objective (up previously from $145.00) on shares of Illinois Tool Works in a research report on Tuesday, April 11th. Royal Bank of Canada increased their price objective on Illinois Tool Works from $125.00 to $141.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 25th. Argus increased their price objective on Illinois Tool Works from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $144.00 price objective (up previously from $140.00) on shares of Illinois Tool Works in a research report on Tuesday, April 25th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $150.91.
In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $144.00, for a total value of $5,251,248.00. Following the transaction, the insider now directly owns 55,878 shares in the company, valued at approximately $8,046,432. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ernest Scott Santi sold 101,297 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $138.03, for a total value of $13,982,024.91. Following the completion of the transaction, the chief executive officer now owns 191,142 shares in the company, valued at $26,383,330.26. The disclosure for this sale can be found here. Insiders sold a total of 220,850 shares of company stock worth $30,945,971 over the last 90 days. Corporate insiders own 0.90% of the company’s stock.
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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