Private Bank & Trust Co. Reduces Stake in Illinois Tool Works Inc. (ITW)
Private Bank & Trust Co. cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.0% during the third quarter, Holdings Channel reports. The firm owned 14,583 shares of the company’s stock after selling 303 shares during the period. Private Bank & Trust Co.’s holdings in Illinois Tool Works were worth $1,747,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Hudock Capital Group LLC boosted its position in Illinois Tool Works by 0.5% in the second quarter. Hudock Capital Group LLC now owns 1,037 shares of the company’s stock worth $108,000 after buying an additional 5 shares during the period. Nadler Financial Group Inc. boosted its position in Illinois Tool Works by 0.4% in the third quarter. Nadler Financial Group Inc. now owns 3,223 shares of the company’s stock worth $386,000 after buying an additional 12 shares during the period. PacWest Financial Management Inc boosted its position in Illinois Tool Works by 0.4% in the second quarter. PacWest Financial Management Inc now owns 4,470 shares of the company’s stock worth $466,000 after buying an additional 20 shares during the period. Albert D Mason Inc. boosted its position in Illinois Tool Works by 0.3% in the second quarter. Albert D Mason Inc. now owns 6,690 shares of the company’s stock worth $697,000 after buying an additional 20 shares during the period. Finally, Washington Trust Bank boosted its position in Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock worth $145,000 after buying an additional 25 shares during the period. 74.51% of the stock is owned by hedge funds and other institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded down 0.34% during mid-day trading on Wednesday, hitting $125.18. 2,457,674 shares of the stock traded hands. The firm’s 50-day moving average is $118.35 and its 200-day moving average is $114.17. Illinois Tool Works Inc. has a 52 week low of $79.15 and a 52 week high of $127.61. The stock has a market cap of $43.94 billion, a price-to-earnings ratio of 22.86 and a beta of 1.06.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, October 20th. The company reported $1.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.01. The company earned $3.50 billion during the quarter, compared to the consensus estimate of $3.50 billion. Illinois Tool Works had a return on equity of 39.18% and a net margin of 14.68%. Illinois Tool Works’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.39 EPS. On average, analysts forecast that Illinois Tool Works Inc. will post $5.63 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 11th. Investors of record on Friday, December 30th will be given a $0.65 dividend. The ex-dividend date is Wednesday, December 28th. This represents a $2.60 dividend on an annualized basis and a yield of 2.08%. Illinois Tool Works’s payout ratio is 47.45%.
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A number of research analysts have recently commented on the stock. Zacks Investment Research cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, September 15th. Jefferies Group reiterated a “buy” rating on shares of Illinois Tool Works in a report on Monday, October 24th. Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 price objective on shares of Illinois Tool Works in a report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $123.00 price objective for the company. in a report on Monday, November 21st. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Illinois Tool Works has an average rating of “Hold” and a consensus target price of $111.07.
In other Illinois Tool Works news, Vice Chairman David C. Parry sold 31,037 shares of the business’s stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $124.26, for a total value of $3,856,657.62. Following the completion of the sale, the insider now owns 31,621 shares in the company, valued at $3,929,225.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael R. Zimmerman sold 9,238 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $123.63, for a total value of $1,142,093.94. Following the completion of the sale, the insider now owns 11,016 shares of the company’s stock, valued at approximately $1,361,908.08. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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