Newfound Research LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 38.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 369 shares of the industrial products company’s stock after selling 227 shares during the quarter. Newfound Research LLC’s holdings in Illinois Tool Works were worth $82,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also made changes to their positions in the stock. Wells Fargo & Company MN raised its holdings in Illinois Tool Works by 2.9% in the 4th quarter. Wells Fargo & Company MN now owns 7,578,570 shares of the industrial products company’s stock valued at $1,545,120,000 after acquiring an additional 214,462 shares in the last quarter. Norges Bank acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $711,314,000. Flossbach Von Storch AG raised its holdings in Illinois Tool Works by 10.3% in the 4th quarter. Flossbach Von Storch AG now owns 2,192,565 shares of the industrial products company’s stock valued at $447,020,000 after acquiring an additional 204,018 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in Illinois Tool Works by 9.8% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,623,969 shares of the industrial products company’s stock valued at $331,095,000 after acquiring an additional 145,106 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Illinois Tool Works by 13.5% in the 4th quarter. Nuveen Asset Management LLC now owns 1,473,259 shares of the industrial products company’s stock valued at $300,368,000 after acquiring an additional 174,763 shares in the last quarter. Hedge funds and other institutional investors own 77.44% of the company’s stock.
A number of equities analysts have recently issued reports on ITW shares. Jefferies Financial Group increased their target price on Illinois Tool Works from $220.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, January 15th. Vertical Research raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday, January 4th. Morgan Stanley increased their price target on Illinois Tool Works from $189.00 to $207.00 and gave the stock an “underweight” rating in a research report on Monday. Robert W. Baird increased their price objective on Illinois Tool Works from $214.00 to $229.00 and gave the company a “neutral” rating in a research report on Friday. Finally, UBS Group upgraded Illinois Tool Works from a “neutral” rating to a “buy” rating and raised their price target for the stock from $211.00 to $232.00 in a research report on Monday, January 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Illinois Tool Works has a consensus rating of “Hold” and an average price target of $214.59.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Friday, April 30th. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.21. Illinois Tool Works had a return on equity of 80.95% and a net margin of 16.77%. The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the previous year, the company posted $1.77 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. Research analysts forecast that Illinois Tool Works Inc. will post 6.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 14th. Stockholders of record on Wednesday, March 31st were issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Tuesday, March 30th. Illinois Tool Works’s dividend payout ratio is presently 58.84%.
In other news, CEO Ernest Scott Santi sold 1,231 shares of the company’s stock in a transaction on Thursday, February 11th. The shares were sold at an average price of $205.37, for a total transaction of $252,810.47. Following the completion of the transaction, the chief executive officer now directly owns 295,172 shares in the company, valued at $60,619,473.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Norman D. Jr. Finch sold 7,232 shares of the company’s stock in a transaction on Monday, February 8th. The stock was sold at an average price of $203.00, for a total transaction of $1,468,096.00. 0.79% of the stock is currently owned by insiders.
About Illinois Tool Works
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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