Elkhorn Investments LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 7.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,974 shares of the industrial products company’s stock after selling 712 shares during the quarter. Elkhorn Investments LLC’s holdings in Illinois Tool Works were worth $1,282,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in ITW. Almanack Investment Partners LLC. acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $112,000. Legacy Advisors LLC lifted its holdings in Illinois Tool Works by 988.9% in the fourth quarter. Legacy Advisors LLC now owns 686 shares of the industrial products company’s stock valued at $114,000 after acquiring an additional 623 shares during the period. Santori & Peters Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $121,000. Valeo Financial Advisors LLC acquired a new position in Illinois Tool Works in the third quarter valued at approximately $130,000. Finally, Jackson Grant Investment Advisers Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $130,000. 77.65% of the stock is owned by institutional investors.
In related news, insider Sundaram Nagarajan sold 18,650 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $178.00, for a total value of $3,319,700.00. Following the completion of the transaction, the insider now directly owns 42,497 shares of the company’s stock, valued at approximately $7,564,466. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.90% of the stock is currently owned by corporate insiders.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, January 24th. The industrial products company reported $1.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.08. Illinois Tool Works had a return on equity of 48.42% and a net margin of 11.79%. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same period in the prior year, the company earned $1.39 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. research analysts predict that Illinois Tool Works Inc. will post 7.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Friday, March 30th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Wednesday, March 28th. Illinois Tool Works’s dividend payout ratio is currently 46.02%.
A number of research analysts have issued reports on the company. Citigroup boosted their price target on Illinois Tool Works from $192.00 to $202.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Bank of America began coverage on Illinois Tool Works in a research note on Monday, December 11th. They set a “buy” rating and a $190.00 target price for the company. BMO Capital Markets upped their target price on Illinois Tool Works to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 6th. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $190.00 target price on shares of Illinois Tool Works in a research note on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $177.18.
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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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