Prospera Financial Services Inc trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 47.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,228 shares of the industrial products company’s stock after selling 2,005 shares during the period. Prospera Financial Services Inc’s holdings in Illinois Tool Works were worth $282,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Hexavest Inc. bought a new position in shares of Illinois Tool Works in the 2nd quarter worth about $26,000. Asset Dedication LLC grew its stake in shares of Illinois Tool Works by 105.3% in the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 100 shares during the last quarter. Weaver Consulting Group acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of Illinois Tool Works by 512.8% in the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 239 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 200 shares during the last quarter. Finally, Glassman Wealth Services grew its stake in shares of Illinois Tool Works by 39.8% in the 1st quarter. Glassman Wealth Services now owns 295 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 84 shares during the last quarter. 77.46% of the stock is owned by institutional investors and hedge funds.
In other Illinois Tool Works news, EVP Steven L. Martindale sold 48,622 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the completion of the transaction, the executive vice president now directly owns 84,546 shares in the company, valued at $13,179,030.48. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael R. Zimmerman sold 9,325 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the completion of the transaction, the insider now owns 16,315 shares of the company’s stock, valued at $2,610,400. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,458 shares of company stock valued at $25,172,163. Corporate insiders own 0.87% of the company’s stock.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price objective on the stock. in a research note on Tuesday, July 9th. UBS Group lifted their price objective on shares of Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Credit Suisse Group lifted their price objective on shares of Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Finally, Northcoast Research cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price objective on the stock. in a research note on Wednesday, June 26th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $142.33.
Shares of ITW traded down $0.68 during midday trading on Thursday, hitting $156.62. The stock had a trading volume of 361,418 shares, compared to its average volume of 1,178,449. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $161.71. The business has a 50-day simple moving average of $151.16 and a two-hundred day simple moving average of $149.95. The firm has a market cap of $50.92 billion, a P/E ratio of 20.61, a price-to-earnings-growth ratio of 2.78 and a beta of 1.22. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.97 by $0.03. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period last year, the company posted $1.97 earnings per share. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 7.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.73%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, September 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.63%.
Illinois Tool Works Profile
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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