TD Asset Management Inc. grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 243,308 shares of the industrial products company’s stock after purchasing an additional 9,303 shares during the quarter. TD Asset Management Inc. owned about 0.07% of Illinois Tool Works worth $36,694,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Belpointe Asset Management LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at $481,000. Signaturefd LLC grew its holdings in Illinois Tool Works by 3.4% in the 2nd quarter. Signaturefd LLC now owns 3,020 shares of the industrial products company’s stock valued at $455,000 after buying an additional 100 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Illinois Tool Works in the 1st quarter valued at $1,071,000. Corient Capital Partners LLC grew its holdings in Illinois Tool Works by 44.4% in the 1st quarter. Corient Capital Partners LLC now owns 8,632 shares of the industrial products company’s stock valued at $1,239,000 after buying an additional 2,655 shares in the last quarter. Finally, Thoroughbred Financial Services LLC grew its holdings in Illinois Tool Works by 8.8% in the 1st quarter. Thoroughbred Financial Services LLC now owns 4,345 shares of the industrial products company’s stock valued at $624,000 after buying an additional 352 shares in the last quarter. 77.88% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Michael R. Zimmerman sold 9,325 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the completion of the sale, the insider now directly owns 16,315 shares in the company, valued at approximately $2,610,400. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Randall J. Scheuneman sold 14,931 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $150.17, for a total value of $2,242,188.27. Following the sale, the vice president now owns 21,603 shares of the company’s stock, valued at $3,244,122.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,878 shares of company stock valued at $11,313,386. 0.87% of the stock is owned by corporate insiders.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.03. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.73 billion. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.97 EPS. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 7.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Monday, September 30th will be given a dividend of $1.07 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, September 27th. Illinois Tool Works’s dividend payout ratio is currently 52.63%.
A number of research analysts have commented on the company. UBS Group upped their price objective on Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price objective on the stock. in a report on Tuesday, July 9th. Morgan Stanley set a $134.00 target price on Illinois Tool Works and gave the company a “sell” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. upgraded Illinois Tool Works from an “underweight” rating to a “neutral” rating and upped their target price for the company from $120.00 to $144.00 in a research report on Friday, April 26th. Finally, Stifel Nicolaus upped their target price on Illinois Tool Works from $143.00 to $154.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Five 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. Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $142.33.
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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