Douglas Lane & Associates LLC cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 14.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 56,562 shares of the industrial products company’s stock after selling 9,673 shares during the period. Douglas Lane & Associates LLC’s holdings in Illinois Tool Works were worth $13,403,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. Security National Bank purchased a new position in Illinois Tool Works in the fourth quarter valued at about $28,000. Finally, Rakuten Securities Inc. acquired a new stake in Illinois Tool Works during the 4th quarter valued at approximately $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.
Insider Buying and Selling
In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.
Analyst Ratings Changes
Get Our Latest Research Report on Illinois Tool Works
Illinois Tool Works Stock Performance
NYSE:ITW traded down $0.99 during midday trading on Tuesday, reaching $238.37. 1,047,052 shares of the company traded hands, compared to its average volume of 1,176,852. The firm has a market capitalization of $71.13 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a fifty day moving average price of $240.92 and a 200 day moving average price of $250.95. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.
Illinois Tool Works (NYSE:ITW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.
Illinois Tool Works Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 55.23%.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.
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