Stearns Financial Services Group Has $991,000 Stake in Illinois Tool Works Inc. (ITW)
Stearns Financial Services Group trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,919 shares of the industrial products company’s stock after selling 141 shares during the quarter. Stearns Financial Services Group’s holdings in Illinois Tool Works were worth $991,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. MCF Advisors LLC raised its holdings in shares of Illinois Tool Works by 32.0% in the 1st quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock valued at $109,000 after purchasing an additional 200 shares in the last quarter. TrimTabs Asset Management LLC raised its holdings in shares of Illinois Tool Works by 88.3% in the 1st quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock valued at $118,000 after purchasing an additional 416 shares in the last quarter. FNY Partners Fund LP acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at $132,000. Washington Trust Bank raised its holdings in shares of Illinois Tool Works by 1.1% in the 2nd quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock valued at $140,000 after purchasing an additional 11 shares in the last quarter. Finally, Dubuque Bank & Trust Co. raised its holdings in shares of Illinois Tool Works by 56.0% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 1,022 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 367 shares in the last quarter. Institutional investors and hedge funds own 74.86% of the company’s stock.
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Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 145.64 on Friday. The company’s 50-day moving average is $139.28 and its 200 day moving average is $139.12. Illinois Tool Works Inc. has a 52 week low of $111.50 and a 52 week high of $150.29. The firm has a market capitalization of $50.12 billion, a price-to-earnings ratio of 23.57 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 earnings per share. Analysts anticipate that Illinois Tool Works Inc. will post $6.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.78 dividend. The ex-dividend date is Thursday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 annualized dividend and a yield of 2.14%. Illinois Tool Works’s dividend payout ratio is currently 42.07%.
A number of equities research analysts have recently weighed in on ITW shares. Jefferies Group LLC restated a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of Illinois Tool Works in a report on Tuesday, July 25th. BMO Capital Markets restated a “buy” rating and issued a $160.00 price objective on shares of Illinois Tool Works in a report on Thursday, July 20th. BidaskClub lowered shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) upgraded shares of Illinois Tool Works from a “sell” rating to a “buy” rating and raised their price objective for the company from $131.00 to $155.00 in a report on Thursday, June 1st. Finally, Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price objective on the stock in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $150.64.
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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