Illinois Tool Works Inc. (ITW) Position Increased by Synovus Financial Corp
Synovus Financial Corp increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,136 shares of the industrial products company’s stock after acquiring an additional 581 shares during the quarter. Synovus Financial Corp’s holdings in Illinois Tool Works were worth $465,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Illinois Tool Works by 2.3% during the second quarter. Vanguard Group Inc. now owns 22,627,699 shares of the industrial products company’s stock worth $3,241,417,000 after acquiring an additional 500,583 shares during the period. BlackRock Inc. raised its stake in shares of Illinois Tool Works by 5.8% in the second quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock valued at $2,927,540,000 after buying an additional 1,118,381 shares during the period. FMR LLC raised its stake in shares of Illinois Tool Works by 13.7% in the second quarter. FMR LLC now owns 3,920,539 shares of the industrial products company’s stock valued at $561,618,000 after buying an additional 471,369 shares during the period. Janus Henderson Group PLC raised its stake in shares of Illinois Tool Works by 2,939.8% in the second quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock valued at $537,498,000 after buying an additional 3,628,722 shares during the period. Finally, Janus Capital Management LLC raised its stake in shares of Illinois Tool Works by 19.5% in the first quarter. Janus Capital Management LLC now owns 2,951,426 shares of the industrial products company’s stock valued at $390,967,000 after buying an additional 482,027 shares during the period. Institutional investors and hedge funds own 74.83% of the company’s stock.
In related news, insider John R. Hartnett sold 6,533 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Roland M. Martel sold 64,818 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $167.41, for a total value of $10,851,181.38. Following the transaction, the insider now owns 26,222 shares of the company’s stock, valued at $4,389,825.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,324 shares of company stock valued at $30,653,014. 0.90% of the stock is owned by company insiders.
Shares of Illinois Tool Works Inc. (ITW) opened at $166.49 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41. Illinois Tool Works Inc. has a one year low of $120.06 and a one year high of $169.69. The stock has a market capitalization of $57,039.31, a price-to-earnings ratio of 26.43, a P/E/G ratio of 2.49 and a beta of 1.18.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.20. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the company posted $1.50 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. research analysts anticipate that Illinois Tool Works Inc. will post 6.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s payout ratio is 47.78%.
ITW has been the topic of several research reports. Citigroup restated a “buy” rating and issued a $162.00 target price on shares of Illinois Tool Works in a research note on Tuesday, September 26th. Wells Fargo & Company set a $170.00 target price on Illinois Tool Works and gave the company a “buy” rating in a research note on Monday, October 16th. They noted that the move was a valuation call. Argus restated a “buy” rating and issued a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. Jefferies Group restated a “buy” rating and issued a $190.00 target price on shares of Illinois Tool Works in a research note on Wednesday, November 29th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $147.00 price objective (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $162.67.
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Illinois Tool Works Company Profile
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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