Donaldson Capital Management LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 96.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,483 shares of the industrial products company’s stock after selling 180,306 shares during the period. Donaldson Capital Management LLC’s holdings in Illinois Tool Works were worth $1,014,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hexavest Inc. bought a new stake in Illinois Tool Works in the 2nd quarter valued at about $26,000. D Orazio & Associates Inc. acquired a new position in Illinois Tool Works during the 3rd quarter valued at about $28,000. Asset Dedication LLC increased its stake in Illinois Tool Works by 105.3% during the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock valued at $30,000 after buying an additional 100 shares during the period. Strategic Blueprint LLC acquired a new position in Illinois Tool Works during the 3rd quarter valued at about $31,000. Finally, Garrett Wealth Advisory Group LLC acquired a new position in Illinois Tool Works during the 3rd quarter valued at about $33,000. 78.17% of the stock is owned by institutional investors and hedge funds.
ITW has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of Illinois Tool Works from $136.00 to $142.00 and gave the company an “underweight” rating in a research note on Monday, October 28th. Argus set a $180.00 target price on shares of Illinois Tool Works and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup lowered their target price on shares of Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. UBS Group raised their target price on shares of Illinois Tool Works from $154.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Finally, Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 target price on the stock. in a research note on Monday, October 28th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $150.57.
Shares of ITW traded down $0.27 during mid-day trading on Friday, hitting $176.24. The company’s stock had a trading volume of 85,346 shares, compared to its average volume of 1,338,859. The firm has a 50-day moving average price of $159.69 and a 200 day moving average price of $153.05. The stock has a market capitalization of $56.63 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 2.99 and a beta of 1.22. The company has a debt-to-equity ratio of 2.57, a current ratio of 2.81 and a quick ratio of 2.27. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $179.29.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Friday, October 25th. The industrial products company reported $2.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.94 by $0.10. The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Illinois Tool Works had a net margin of 17.49% and a return on equity of 80.38%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.76 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 7.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $4.28 annualized dividend and a dividend yield of 2.43%. Illinois Tool Works’s dividend payout ratio is currently 56.32%.
In other news, CAO Randall J. Scheuneman sold 11,977 shares of Illinois Tool Works stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $171.63, for a total value of $2,055,612.51. Following the transaction, the chief accounting officer now directly owns 18,649 shares of the company’s stock, valued at $3,200,727.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael R. Zimmerman sold 6,600 shares of Illinois Tool Works stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $172.43, for a total transaction of $1,138,038.00. Following the completion of the transaction, the executive vice president now directly owns 13,590 shares in the company, valued at $2,343,323.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 346,180 shares of company stock worth $57,725,646. 0.87% 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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