Illinois Tool Works Inc. (ITW) is Grandfield & Dodd LLC’s 7th Largest Position
Grandfield & Dodd LLC cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 189,758 shares of the company’s stock after selling 577 shares during the period. Illinois Tool Works makes up about 2.8% of Grandfield & Dodd LLC’s investment portfolio, making the stock its 7th largest position. Grandfield & Dodd LLC owned 0.05% of Illinois Tool Works worth $19,765,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new position in Illinois Tool Works during the first quarter worth about $55,010,000. PGGM Investments boosted its position in Illinois Tool Works by 10.0% in the second quarter. PGGM Investments now owns 293,306 shares of the company’s stock worth $30,551,000 after buying an additional 26,733 shares during the last quarter. British Airways Pensions Investment Management Ltd boosted its position in Illinois Tool Works by 20.2% in the second quarter. British Airways Pensions Investment Management Ltd now owns 349,270 shares of the company’s stock worth $36,524,000 after buying an additional 58,630 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in Illinois Tool Works by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 8,288 shares of the company’s stock worth $849,000 after buying an additional 317 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its position in Illinois Tool Works by 1.1% in the second quarter. Confluence Investment Management LLC now owns 294,246 shares of the company’s stock worth $30,649,000 after buying an additional 3,141 shares during the last quarter. Hedge funds and other institutional investors own 74.90% of the company’s stock.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded down 0.69% on Tuesday, hitting $119.06. The stock had a trading volume of 1,724,092 shares. The company has a market cap of $42.26 billion, a P/E ratio of 22.17 and a beta of 1.11. The company has a 50-day moving average of $118.82 and a 200-day moving average of $109.90. Illinois Tool Works Inc. has a 52-week low of $79.15 and a 52-week high of $123.50.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The company earned $3.43 billion during 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 firm’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the business posted $1.30 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be given a $0.65 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 annualized dividend and a yield of 2.18%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s dividend payout ratio (DPR) is currently 48.42%.
ITW has been the subject of a number of research reports. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 price objective for the company in a report on Friday, September 16th. Deutsche Bank AG restated a “buy” rating and set a $102.00 target price on shares of Illinois Tool Works in a report on Thursday, August 25th. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Royal Bank Of Canada increased their target price on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 21st. Finally, RBC Capital Markets restated a “sector perform” rating and set a $104.00 target price (up from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Illinois Tool Works presently has an average rating of “Buy” and a consensus target price of $108.43.
In related news, CFO Michael M. Larsen sold 14,000 shares of Illinois Tool Works stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $113.99, for a total value of $1,595,860.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $119.50, for a total value of $544,920.00. Following the completion of the transaction, the insider now owns 24,777 shares of the company’s stock, valued at approximately $2,960,851.50. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
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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