Raymond James Trust N.A. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,753 shares of the industrial products company’s stock after selling 534 shares during the period. Raymond James Trust N.A.’s holdings in Illinois Tool Works were worth $3,008,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of ITW. PNC Financial Services Group Inc. increased its position in shares of Illinois Tool Works by 1.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 892,087 shares of the industrial products company’s stock valued at $155,984,000 after purchasing an additional 8,456 shares during the last quarter. FMR LLC increased its holdings in Illinois Tool Works by 36.5% during the second quarter. FMR LLC now owns 1,602,863 shares of the industrial products company’s stock valued at $280,262,000 after buying an additional 428,601 shares during the last quarter. FormulaFolio Investments LLC increased its stake in shares of Illinois Tool Works by 46.8% in the 2nd quarter. FormulaFolio Investments LLC now owns 2,145 shares of the industrial products company’s stock worth $375,000 after purchasing an additional 684 shares in the last quarter. Orion Portfolio Solutions LLC increased its stake in shares of Illinois Tool Works by 7.3% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 2,691 shares of the industrial products company’s stock worth $471,000 after purchasing an additional 184 shares in the last quarter. Finally, Rockbridge Investment Management LCC purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth $68,000. Institutional investors own 74.24% of the company’s stock.
ITW has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Illinois Tool Works from $167.00 to $176.00 and gave the stock an “underweight” rating in a research report on Monday, October 26th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Illinois Tool Works from $173.00 to $185.00 and gave the stock a “hold” rating in a research note on Monday, October 26th. Smith Barney Citigroup increased their price objective on shares of Illinois Tool Works from $203.00 to $211.00 in a research note on Monday, October 26th. Barclays increased their price target on Illinois Tool Works from $200.00 to $207.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 5th. Finally, Credit Suisse Group upgraded Illinois Tool Works from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $209.00 to $235.00 in a research note on Tuesday. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $190.24.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 23rd. The industrial products company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.38. Illinois Tool Works had a net margin of 16.77% and a return on equity of 80.95%. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period last year, the firm posted $2.04 earnings per share. Illinois Tool Works’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 6.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 14th. Shareholders of record on Thursday, December 31st will be paid a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, December 30th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.20%. Illinois Tool Works’s payout ratio is currently 58.84%.
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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