Pacific Heights Asset Management LLC Has $13,853,000 Position in Illinois Tool Works Inc. (ITW)
Pacific Heights Asset Management LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 133,000 shares of the company’s stock after selling 2,000 shares during the period. Illinois Tool Works accounts for approximately 1.3% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 26th largest position. Pacific Heights Asset Management LLC’s holdings in Illinois Tool Works were worth $13,853,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of Montreal Can acquired a new position in shares of Illinois Tool Works during the second quarter valued at $106,575,000. Prudential Financial Inc. increased its position in shares of Illinois Tool Works by 160.1% in the first quarter. Prudential Financial Inc. now owns 1,091,590 shares of the company’s stock valued at $111,823,000 after buying an additional 671,870 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Illinois Tool Works during the first quarter valued at $55,010,000. Credit Agricole S A increased its position in shares of Illinois Tool Works by 181.0% in the first quarter. Credit Agricole S A now owns 546,890 shares of the company’s stock valued at $56,024,000 after buying an additional 352,273 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of Illinois Tool Works by 1.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,872,362 shares of the company’s stock valued at $908,885,000 after buying an additional 152,580 shares during the period. Institutional investors and hedge funds own 74.90% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 0.04% during trading on Monday, hitting $119.89. The company had a trading volume of 1,587,362 shares. The stock’s 50-day moving average is $118.79 and its 200 day moving average is $109.60. Illinois Tool Works Inc. has a 52-week low of $79.15 and a 52-week high of $123.50. The firm has a market capitalization of $42.56 billion, a P/E ratio of 22.33 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.06. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company posted $1.30 earnings per share. Equities research analysts predict that Illinois Tool Works Inc. will post $5.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.65 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 48.42%.
ITW has been the topic of several research analyst reports. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Tuesday, June 21st. Deutsche Bank AG restated a “buy” rating and set a $102.00 target price on shares of Illinois Tool Works in a research note on Thursday, August 25th. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Credit Suisse Group AG set a $114.00 target price on Illinois Tool Works and gave the stock a “hold” rating in a research note on Thursday, July 21st. Finally, Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Thursday, June 23rd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $108.43.
In other news, Vice Chairman David C. Parry sold 40,000 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the completion of the sale, the insider now owns 40,584 shares in the company, valued at $4,808,798.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ernest Scott Santi sold 74,077 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the sale, the chief executive officer now owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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