Illinois Tool Works Inc. (ITW) Holdings Cut by Welch & Forbes LLC

Welch & Forbes LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,521 shares of the industrial products company’s stock after selling 686 shares during the period. Welch & Forbes LLC’s holdings in Illinois Tool Works were worth $2,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in ITW. North Star Investment Management Corp. lifted its holdings in shares of Illinois Tool Works by 6.3% in the 2nd quarter. North Star Investment Management Corp. now owns 6,085 shares of the industrial products company’s stock valued at $843,000 after purchasing an additional 362 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Illinois Tool Works by 17.0% in the 2nd quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock valued at $355,000 after purchasing an additional 372 shares during the last quarter. Sky Investment Group LLC lifted its holdings in shares of Illinois Tool Works by 0.9% in the 2nd quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock valued at $6,270,000 after purchasing an additional 385 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Illinois Tool Works by 12.2% in the 2nd quarter. Fisher Asset Management LLC now owns 3,635 shares of the industrial products company’s stock valued at $504,000 after purchasing an additional 395 shares during the last quarter. Finally, Woodstock Corp lifted its holdings in shares of Illinois Tool Works by 0.8% in the 2nd quarter. Woodstock Corp now owns 48,433 shares of the industrial products company’s stock valued at $6,710,000 after purchasing an additional 400 shares during the last quarter. 76.18% of the stock is owned by institutional investors.

ITW opened at $128.43 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60. The company has a market cap of $44.27 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 1.71 and a beta of 1.22. Illinois Tool Works Inc. has a 52 week low of $126.68 and a 52 week high of $179.07.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, July 23rd. The industrial products company reported $1.97 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.97. The firm had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.69 EPS. On average, equities research analysts expect that Illinois Tool Works Inc. will post 7.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. This represents a $4.00 annualized dividend and a yield of 3.11%. Illinois Tool Works’s dividend payout ratio is currently 60.70%.

Illinois Tool Works announced that its board has approved a stock buyback plan on Friday, August 3rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

ITW has been the subject of several research reports. Citigroup set a $166.00 target price on Illinois Tool Works and gave the company a “buy” rating in a report on Tuesday, July 24th. Wells Fargo & Co reissued a “buy” rating and issued a $160.00 target price (down from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a report on Wednesday, June 27th. Morgan Stanley initiated coverage on Illinois Tool Works in a report on Monday, August 20th. They issued an “equal weight” rating and a $146.00 target price for the company. Finally, Robert W. Baird reduced their target price on Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating for the company in a report on Tuesday, July 24th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $158.94.

In related news, Director Richard H. Lenny acquired 1,778 shares of Illinois Tool Works stock in a transaction on Friday, July 27th. The stock was purchased at an average cost of $140.85 per share, with a total value of $250,431.30. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is owned by corporate insiders.

About Illinois Tool Works

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.

See Also: Exchange-Traded Funds (ETFs)

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply