Fenimore Asset Management Inc. Reduces Position in Illinois Tool Works Inc. (ITW)
Fenimore Asset Management Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 513,897 shares of the company’s stock after selling 725 shares during the period. Illinois Tool Works accounts for about 3.0% of Fenimore Asset Management Inc.’s holdings, making the stock its 10th largest position. Fenimore Asset Management Inc. owned 0.14% of Illinois Tool Works worth $61,585,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Illinois Tool Works by 1.4% in the second quarter. Vanguard Group Inc. now owns 21,049,488 shares of the company’s stock worth $2,192,515,000 after buying an additional 287,704 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Illinois Tool Works by 3.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,507,512 shares of the company’s stock worth $677,823,000 after buying an additional 207,550 shares during the period. BlackRock Fund Advisors boosted its stake in Illinois Tool Works by 4.3% in the second quarter. BlackRock Fund Advisors now owns 3,658,157 shares of the company’s stock worth $381,034,000 after buying an additional 149,135 shares during the period. FMR LLC boosted its stake in Illinois Tool Works by 51.4% in the second quarter. FMR LLC now owns 3,111,178 shares of the company’s stock worth $324,061,000 after buying an additional 1,055,623 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Illinois Tool Works by 68.3% in the second quarter. Ameriprise Financial Inc. now owns 2,847,563 shares of the company’s stock worth $296,644,000 after buying an additional 1,155,191 shares during the period. 74.90% of the stock is currently owned by institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded up 1.66% during mid-day trading on Wednesday, reaching $116.95. The company’s stock had a trading volume of 1,011,568 shares. The company’s 50 day moving average price is $118.58 and its 200-day moving average price is $110.54. Illinois Tool Works Inc. has a 1-year low of $79.15 and a 1-year high of $123.50. The company has a market capitalization of $41.51 billion, a price-to-earnings ratio of 21.78 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The business earned $3.43 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $1.30 EPS. Analysts predict that Illinois Tool Works Inc. will post $5.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were given a dividend of $0.65 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio is currently 48.42%.
A number of equities research analysts have commented on ITW shares. Credit Suisse Group AG set a $114.00 price target on Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 21st. Royal Bank Of Canada increased their price target on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 21st. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. Jefferies Group increased their price target on Illinois Tool Works from $128.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $110.20.
In other news, VP Randall J. Scheuneman sold 15,641 shares of the company’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $114.21, for a total transaction of $1,786,358.61. Following the completion of the transaction, the vice president now directly owns 19,791 shares of the company’s stock, valued at approximately $2,260,330.11. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman David C. Parry sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $118.49, for a total value of $4,739,600.00. Following the completion of the sale, the insider now directly owns 40,584 shares of the company’s stock, valued at $4,808,798.16. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
About Illinois Tool Works
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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