Cullinan Associates Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,007 shares of the industrial products company’s stock after selling 400 shares during the period. Cullinan Associates Inc.’s holdings in Illinois Tool Works were worth $3,295,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Spearhead Capital Advisors LLC grew its stake in shares of Illinois Tool Works by 4.5% in the third quarter. Spearhead Capital Advisors LLC now owns 22,083 shares of the industrial products company’s stock valued at $3,106,000 after acquiring an additional 955 shares in the last quarter. Factory Mutual Insurance Co. grew its stake in shares of Illinois Tool Works by 2.2% in the third quarter. Factory Mutual Insurance Co. now owns 308,600 shares of the industrial products company’s stock valued at $43,550,000 after acquiring an additional 6,700 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in shares of Illinois Tool Works by 36.4% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 6,222 shares of the industrial products company’s stock valued at $878,000 after acquiring an additional 1,662 shares in the last quarter. Strategic Advisors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at about $205,000. Finally, Fenimore Asset Management Inc. grew its stake in shares of Illinois Tool Works by 4.8% in the third quarter. Fenimore Asset Management Inc. now owns 370,410 shares of the industrial products company’s stock valued at $52,272,000 after acquiring an additional 16,802 shares in the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.
Several equities analysts recently commented on ITW shares. Zacks Investment Research upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. ValuEngine downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Gordon Haskett initiated coverage on shares of Illinois Tool Works in a research note on Friday, October 12th. They issued a “hold” rating on the stock. Wells Fargo & Co reiterated a “buy” rating and set a $150.00 price objective (down from $160.00) on shares of Illinois Tool Works in a research note on Wednesday, October 17th. Finally, Seaport Global Securities downgraded shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $132.00 in a research note on Thursday, October 25th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $143.94.
Shares of Illinois Tool Works stock opened at $130.31 on Friday. The stock has a market cap of $43.13 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. Illinois Tool Works Inc. has a 12-month low of $117.75 and a 12-month high of $179.07.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.72 billion. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.71 earnings per share. On average, analysts predict that Illinois Tool Works Inc. will post 7.6 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, January 10th. Stockholders of record on Monday, December 31st were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, December 28th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.07%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 60.70%.
In other news, CFO Michael M. Larsen sold 58,736 shares of the stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total value of $7,806,601.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ernest Scott Santi sold 108,885 shares of the stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $133.19, for a total transaction of $14,502,393.15. Following the completion of the transaction, the chief executive officer now directly owns 149,777 shares of the company’s stock, valued at approximately $19,948,798.63. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.
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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.
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