Smith Asset Management Group LP Cuts Holdings in Illinois Tool Works Inc. (ITW)

Smith Asset Management Group LP reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 19.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,460 shares of the industrial products company’s stock after selling 39,740 shares during the period. Smith Asset Management Group LP’s holdings in Illinois Tool Works were worth $23,594,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Omnia Family Wealth LLC boosted its holdings in shares of Illinois Tool Works by 0.3% in the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after acquiring an additional 2 shares during the period. Private Vista LLC raised its position in shares of Illinois Tool Works by 13,697.3% in the second quarter. Private Vista LLC now owns 279,534 shares of the industrial products company’s stock worth $108,000 after buying an additional 277,508 shares in the last quarter. Harding Loevner LP purchased a new stake in shares of Illinois Tool Works in the second quarter worth $115,000. WFG Advisors LP raised its position in shares of Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after buying an additional 161 shares in the last quarter. Finally, Salem Investment Counselors Inc. raised its position in shares of Illinois Tool Works by 1.9% in the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after buying an additional 17 shares in the last quarter. 74.83% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Inc. (NYSE:ITW) traded up $1.35 during midday trading on Monday, reaching $166.22. The company’s stock had a trading volume of 2,221,485 shares, compared to its average volume of 1,208,365. Illinois Tool Works Inc. has a twelve month low of $120.06 and a twelve month high of $169.69. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48. The stock has a market capitalization of $56,484.30, a P/E ratio of 26.17, a price-to-earnings-growth ratio of 2.46 and a beta of 1.18.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.20. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.50 earnings per share. analysts expect that Illinois Tool Works Inc. will post 6.69 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $3.12 annualized dividend and a dividend yield of 1.88%. Illinois Tool Works’s dividend payout ratio is currently 47.78%.

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company set a $190.00 price objective on Illinois Tool Works and gave the stock a “buy” rating in a research report on Monday. Jefferies Group reiterated a “buy” rating and issued a $190.00 price objective on shares of Illinois Tool Works in a research report on Wednesday, November 29th. Robert W. Baird reiterated a “hold” rating and issued a $160.00 price objective on shares of Illinois Tool Works in a research report on Sunday. Stifel Nicolaus reiterated a “hold” rating and issued a $147.00 price objective on shares of Illinois Tool Works in a research report on Wednesday, August 16th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $147.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $160.93.

In other news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Norman D. Jr. Finch acquired 4,986 shares of the firm’s stock in a transaction dated 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 acquisition, the vice president now owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The disclosure for this purchase can be found here. In the last quarter, insiders sold 126,506 shares of company stock worth $19,801,832. Company insiders own 0.90% of the company’s stock.

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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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