Relyea Zuckerberg Hanson LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the fourth quarter, Holdings Channel reports. The institutional investor bought 1,352 shares of the industrial products company’s stock, valued at approximately $243,000.
Several other institutional investors also recently added to or reduced their stakes in ITW. Sabal Trust CO increased its holdings in shares of Illinois Tool Works by 3,762.0% during the fourth quarter. Sabal Trust CO now owns 125,554 shares of the industrial products company’s stock valued at $22,553,000 after acquiring an additional 122,303 shares in the last quarter. Surevest Inc. raised its holdings in Illinois Tool Works by 48.1% during the fourth quarter. Surevest Inc. now owns 9,000 shares of the industrial products company’s stock worth $1,617,000 after buying an additional 2,922 shares during the last quarter. Woodstock Corp raised its holdings in Illinois Tool Works by 2.4% during the fourth quarter. Woodstock Corp now owns 49,939 shares of the industrial products company’s stock worth $8,971,000 after buying an additional 1,160 shares during the last quarter. Smith & Howard Wealth Management LLC bought a new position in shares of Illinois Tool Works in the fourth quarter valued at $228,000. Finally, DNB Asset Management AS lifted its stake in shares of Illinois Tool Works by 10.3% in the fourth quarter. DNB Asset Management AS now owns 95,354 shares of the industrial products company’s stock valued at $17,128,000 after buying an additional 8,866 shares in the last quarter. Institutional investors own 77.83% of the company’s stock.
Several equities analysts recently weighed in on ITW shares. Morgan Stanley dropped their price target on shares of Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 16th. Credit Suisse Group boosted their price objective on Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price objective for the company. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Wells Fargo & Co raised their target price on Illinois Tool Works from $190.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Citigroup dropped their target price on Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $152.64.
In other Illinois Tool Works news, EVP Andrew Mines sold 12,995 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $167.71, for a total value of $2,179,391.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Randall J. Scheuneman sold 11,977 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $171.63, for a total value of $2,055,612.51. Following the completion of the transaction, the chief accounting officer now directly owns 18,649 shares in the company, valued at approximately $3,200,727.87. The disclosure for this sale can be found here. Insiders have sold 245,669 shares of company stock valued at $41,624,681 over the last ninety days. 0.87% of the stock is currently owned by company insiders.
Shares of ITW stock opened at $178.41 on Thursday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 2.27 and a current ratio of 2.81. The company has a market capitalization of $57.42 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 2.96 and a beta of 1.21. Illinois Tool Works Inc. has a 52-week low of $129.44 and a 52-week high of $182.34. The company has a 50-day simple moving average of $177.71 and a two-hundred day simple moving average of $162.05.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 25th. The industrial products company reported $2.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.94 by $0.10. Illinois Tool Works had a net margin of 17.49% and a return on equity of 80.38%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the firm earned $1.76 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 7.7 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Monday, December 30th. Illinois Tool Works’s payout ratio is 56.32%.
Illinois Tool Works Company 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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