Illinois Tool Works Inc. (ITW) Stake Increased by Mcdaniel Terry & Co.
Mcdaniel Terry & Co. increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the first quarter, Holdings Channel reports. The firm owned 203,854 shares of the industrial products company’s stock after buying an additional 215 shares during the period. Illinois Tool Works makes up 5.3% of Mcdaniel Terry & Co.’s investment portfolio, making the stock its 2nd largest position. Mcdaniel Terry & Co.’s holdings in Illinois Tool Works were worth $27,005,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. HPM Partners LLC acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $95,987,000. Prudential Financial Inc. raised its stake in shares of Illinois Tool Works by 58.5% in the first quarter. Prudential Financial Inc. now owns 1,218,246 shares of the industrial products company’s stock valued at $161,380,000 after buying an additional 449,430 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after buying an additional 308,538 shares during the last quarter. Swiss National Bank raised its stake in shares of Illinois Tool Works by 25.6% in the first quarter. Swiss National Bank now owns 1,119,306 shares of the industrial products company’s stock valued at $148,274,000 after buying an additional 228,400 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $27,275,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same quarter in the prior year, the company posted $1.46 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.18%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio is currently 42.07%.
Several brokerages have commented on ITW. BidaskClub lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Thursday. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 price target on the stock in a research note on Tuesday, August 1st. Credit Suisse Group set a $141.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Tuesday, July 25th. Northcoast Research reaffirmed a “neutral” rating on shares of Illinois Tool Works in a research note on Tuesday, July 25th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $136.00 price target (down from $140.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Illinois Tool Works has an average rating of “Hold” and an average target price of $152.67.
In other Illinois Tool Works news, CEO Ernest Scott Santi sold 101,297 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the transaction, the chief executive officer now owns 191,142 shares of the company’s stock, valued at approximately $26,383,330.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the completion of the transaction, the chief financial officer now directly owns 67,383 shares in the company, valued at $9,475,397.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,961 shares of company stock worth $28,311,650. Corporate insiders own 0.90% of the company’s stock.
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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