Capital Investment Services of America Inc. raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,481 shares of the industrial products company’s stock after purchasing an additional 3,709 shares during the quarter. Illinois Tool Works accounts for approximately 2.6% of Capital Investment Services of America Inc.’s portfolio, making the stock its 16th largest position. Capital Investment Services of America Inc.’s holdings in Illinois Tool Works were worth $17,915,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in ITW. First Trust Advisors LP increased its stake in Illinois Tool Works by 144.7% during the 1st quarter. First Trust Advisors LP now owns 540,743 shares of the industrial products company’s stock valued at $77,613,000 after purchasing an additional 319,752 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Illinois Tool Works in the 1st quarter worth $369,000. Wealthfront Advisers LLC grew its stake in shares of Illinois Tool Works by 37.1% in the 1st quarter. Wealthfront Advisers LLC now owns 6,906 shares of the industrial products company’s stock worth $991,000 after acquiring an additional 1,869 shares in the last quarter. Advisory Alpha LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter worth $59,000. Finally, Andra AP fonden bought a new stake in shares of Illinois Tool Works in the 1st quarter worth $5,741,000. Institutional investors and hedge funds own 77.46% of the company’s stock.
In other news, EVP Steven L. Martindale sold 48,622 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the sale, the executive vice president now directly owns 84,546 shares in the company, valued at $13,179,030.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Juan Valls sold 64,894 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $160.51, for a total value of $10,416,135.94. Following the sale, the executive vice president now owns 67,047 shares in the company, valued at $10,761,713.97. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,458 shares of company stock worth $25,172,163. Insiders own 0.87% of the company’s stock.
Several analysts have recently issued reports on the stock. Credit Suisse Group upped their target price on shares of Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Northcoast Research lowered shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price for the company. in a research note on Wednesday, June 26th. Goldman Sachs Group lowered shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 target price for the company. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price for the company. in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $142.44.
NYSE ITW traded up $4.63 during trading on Friday, hitting $154.53. 1,602,706 shares of the company’s stock traded hands, compared to its average volume of 1,315,474. The stock has a market capitalization of $47.36 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 2.60 and a beta of 1.22. Illinois Tool Works Inc. has a 12-month low of $117.75 and a 12-month high of $161.71. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. The business has a 50 day moving average of $152.14 and a 200-day moving average of $150.96.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.03. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.73 billion. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The company’s revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.97 earnings per share. On average, analysts expect that Illinois Tool Works Inc. will post 7.68 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Friday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a yield of 2.77%. Illinois Tool Works’s dividend payout ratio is 56.32%.
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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