Investec Asset Management LTD Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Investec Asset Management LTD decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 287,995 shares of the industrial products company’s stock after selling 19,762 shares during the quarter. Investec Asset Management LTD owned approximately 0.08% of Illinois Tool Works worth $41,255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in Illinois Tool Works by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 1,884,317 shares of the industrial products company’s stock worth $269,929,000 after buying an additional 12,913 shares in the last quarter. Amalgamated Bank grew its position in shares of Illinois Tool Works by 59.1% during the second quarter. Amalgamated Bank now owns 36,048 shares of the industrial products company’s stock worth $5,164,000 after purchasing an additional 13,390 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Illinois Tool Works by 26.8% during the second quarter. Edmond DE Rothschild Holding S.A. now owns 1,835 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 388 shares in the last quarter. Forbes J M & Co. LLP purchased a new stake in shares of Illinois Tool Works during the second quarter worth about $214,000. Finally, BlackRock Inc. grew its position in shares of Illinois Tool Works by 5.8% during the second quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock worth $2,927,540,000 after purchasing an additional 1,118,381 shares in the last quarter. Institutional investors and hedge funds own 74.73% of the company’s stock.

Illinois Tool Works Inc. (NYSE ITW) opened at 159.06 on Friday. The firm has a market cap of $54.74 billion, a PE ratio of 25.74 and a beta of 1.12. The stock has a 50 day moving average price of $148.94 and a 200 day moving average price of $142.74. Illinois Tool Works Inc. has a one year low of $111.53 and a one year high of $159.36.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business earned $1.50 earnings per share. The business’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post $6.64 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.96%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.78%.

Several research firms have weighed in on ITW. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $140.00 price target (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a research note on Wednesday, August 16th. Royal Bank Of Canada raised their price target on Illinois Tool Works from $143.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, BMO Capital Markets reissued a “buy” rating and set a $160.00 price target on shares of Illinois Tool Works in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $157.27.

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In related news, VP Norman D. Jr. Finch bought 4,986 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was bought at an average price of $156.34 per share, for a total transaction of $779,511.24. Following the transaction, the vice president now directly owns 4,371 shares in the company, valued at $683,362.14. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John R. Hartnett sold 6,533 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $155.00, for a total transaction of $1,012,615.00. Following the completion of the sale, the insider now owns 18,622 shares of the company’s stock, valued at approximately $2,886,410. The disclosure for this sale can be found here. In the last 90 days, insiders sold 126,506 shares of company stock valued at $19,801,832. 0.90% of the stock is owned by insiders.

About Illinois Tool Works

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.

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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