AMP Capital Investors Ltd cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 10.8% during the 4th quarter, Holdings Channel reports. The fund owned 160,791 shares of the industrial products company’s stock after selling 19,380 shares during the period. AMP Capital Investors Ltd’s holdings in Illinois Tool Works were worth $26,828,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ITW. Personal Capital Advisors Corp boosted its holdings in Illinois Tool Works by 7.9% in the third quarter. Personal Capital Advisors Corp now owns 167,907 shares of the industrial products company’s stock valued at $24,843,000 after acquiring an additional 12,341 shares during the last quarter. Harrington Investments INC bought a new stake in Illinois Tool Works in the third quarter valued at approximately $3,022,000. WESPAC Advisors LLC boosted its holdings in Illinois Tool Works by 15.7% in the third quarter. WESPAC Advisors LLC now owns 3,352 shares of the industrial products company’s stock valued at $496,000 after acquiring an additional 455 shares during the last quarter. Xact Kapitalforvaltning AB boosted its holdings in Illinois Tool Works by 1.6% in the third quarter. Xact Kapitalforvaltning AB now owns 46,713 shares of the industrial products company’s stock valued at $6,912,000 after acquiring an additional 729 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Illinois Tool Works by 16.7% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 20,418 shares of the industrial products company’s stock valued at $3,021,000 after acquiring an additional 2,919 shares during the last quarter. Institutional investors and hedge funds own 76.38% of the company’s stock.
In related news, insider Sundaram Nagarajan sold 18,650 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $178.00, for a total value of $3,319,700.00. Following the transaction, the insider now directly owns 42,497 shares in the company, valued at approximately $7,564,466. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.90% of the stock is owned by company insiders.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, January 24th. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.08. Illinois Tool Works had a return on equity of 48.42% and a net margin of 11.79%. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period last year, the business earned $1.39 EPS. Illinois Tool Works’s quarterly revenue was up 6.8% compared to the same quarter last year. analysts predict that Illinois Tool Works Inc. will post 7.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Investors of record on Friday, March 30th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date is Wednesday, March 28th. Illinois Tool Works’s dividend payout ratio is currently 46.02%.
Several analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $160.00 to $168.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Credit Suisse Group increased their price target on Illinois Tool Works from $163.00 to $166.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Wells Fargo & Co increased their price target on Illinois Tool Works from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. BMO Capital Markets increased their price target on Illinois Tool Works from $180.00 to $185.00 and gave the stock 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 research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $177.18.
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Illinois Tool Works 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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