Beacon Investment Advisory Services Inc. grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4,118.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,312 shares of the industrial products company’s stock after acquiring an additional 78,408 shares during the period. Illinois Tool Works comprises approximately 1.0% of Beacon Investment Advisory Services Inc.’s holdings, making the stock its 19th biggest holding. Beacon Investment Advisory Services Inc.’s holdings in Illinois Tool Works were worth $11,883,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Illinois Tool Works by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 22,627,699 shares of the industrial products company’s stock valued at $3,241,417,000 after acquiring an additional 500,583 shares during the period. BlackRock Inc. grew its holdings in Illinois Tool Works by 5.8% during the 2nd quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock valued at $2,927,540,000 after purchasing an additional 1,118,381 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Illinois Tool Works by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 3,964,715 shares of the industrial products company’s stock valued at $586,616,000 after purchasing an additional 212,560 shares in the last quarter. FMR LLC grew its holdings in Illinois Tool Works by 13.7% during the 2nd quarter. FMR LLC now owns 3,920,539 shares of the industrial products company’s stock valued at $561,618,000 after purchasing an additional 471,369 shares in the last quarter. Finally, Janus Capital Management LLC grew its holdings in Illinois Tool Works by 19.5% during the 1st quarter. Janus Capital Management LLC now owns 2,951,426 shares of the industrial products company’s stock valued at $390,967,000 after purchasing an additional 482,027 shares in the last quarter. 74.83% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on ITW shares. Stifel Nicolaus reaffirmed a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a report on Wednesday, August 16th. Jefferies Group reaffirmed a “buy” rating and set a $190.00 price target on shares of Illinois Tool Works in a report on Wednesday, November 29th. Wells Fargo & Company set a $190.00 price target on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, December 4th. BidaskClub lowered shares of Illinois Tool Works from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Finally, Morgan Stanley raised their price objective on shares of Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $164.38.
In related news, EVP Juan Valls sold 48,622 shares of Illinois Tool Works stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total value of $7,620,526.06. Following the sale, the executive vice president now directly owns 71,101 shares in the company, valued at approximately $11,143,659.73. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Norman D. Jr. Finch acquired 4,986 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The stock was purchased at an average price of $156.34 per share, for a total transaction of $779,511.24. Following the completion of the transaction, the vice president now owns 4,371 shares in the company, valued at $683,362.14. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 191,324 shares of company stock worth $30,653,014. 0.90% of the stock is currently owned by insiders.
Illinois Tool Works Inc. (NYSE ITW) remained flat at $$166.49 during midday trading on Monday. 1,178,700 shares of the stock traded hands, compared to its average volume of 1,205,471. Illinois Tool Works Inc. has a 1-year low of $120.06 and a 1-year high of $169.69. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41. The firm has a market capitalization of $57,039.31, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 2.49 and a beta of 1.18.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, beating the Thomson Reuters’ 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 previous year, the business posted $1.50 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. sell-side analysts expect that Illinois Tool Works Inc. will post 6.7 earnings per share for the current year.
The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $3.12 annualized dividend and a yield of 1.87%. Illinois Tool Works’s dividend payout ratio is presently 47.78%.
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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.
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