Illinois Tool Works Inc. (ITW) Stake Lessened by Investec Asset Management LTD
Investec Asset Management LTD reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 272,835 shares of the industrial products company’s stock after selling 20,782 shares during the period. Investec Asset Management LTD’s holdings in Illinois Tool Works were worth $45,523,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Legacy Advisors LLC boosted its stake in shares of Illinois Tool Works by 988.9% during the fourth quarter. Legacy Advisors LLC now owns 686 shares of the industrial products company’s stock valued at $114,000 after purchasing an additional 623 shares during the period. Santori & Peters Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $121,000. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $130,000. WFG Advisors LP boosted its stake in shares of Illinois Tool Works by 24.7% during the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 161 shares during the period. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works during the third quarter valued at $130,000. 74.41% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $160.00 to $168.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Credit Suisse Group boosted their target price on shares of Illinois Tool Works from $163.00 to $166.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Wells Fargo & Co boosted their target price on shares of Illinois Tool Works from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. BMO Capital Markets lifted their price objective on Illinois Tool Works from $180.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, January 25th. Finally, Jefferies Group restated a “buy” rating on shares of Illinois Tool Works in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $177.18.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, January 24th. The industrial products company reported $1.70 EPS for the quarter, topping the Zacks’ consensus estimate of $1.62 by $0.08. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. Illinois Tool Works had a net margin of 11.79% and a return on equity of 48.42%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 earnings per share. research analysts anticipate that Illinois Tool Works Inc. will post 7.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Friday, March 30th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $3.12 dividend on an annualized basis and a yield of 1.97%. Illinois Tool Works’s dividend payout ratio is presently 46.02%.
In other Illinois Tool Works news, insider Sundaram Nagarajan sold 18,650 shares of the business’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $178.00, for a total value of $3,319,700.00. Following the completion of the transaction, the insider now directly owns 42,497 shares in the company, valued at $7,564,466. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Harold B. Smith sold 30,000 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $166.43, for a total transaction of $4,992,900.00. The disclosure for this sale can be found here. Insiders sold 113,468 shares of company stock valued at $19,163,781 over the last quarter. 0.90% of the stock is currently owned by corporate insiders.
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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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