Prudential Financial Inc. Trims Position in Illinois Tool Works Inc. (ITW)
Prudential Financial Inc. lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,113,060 shares of the industrial products company’s stock after selling 97,876 shares during the quarter. Prudential Financial Inc. owned about 0.32% of Illinois Tool Works worth $164,689,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of ITW. BlackRock Inc. grew its position in Illinois Tool Works by 1,661.3% in the 1st quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after purchasing an additional 18,221,359 shares during the period. Janus Henderson Group PLC grew its position in Illinois Tool Works by 2,939.8% in the 2nd quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock valued at $537,498,000 after purchasing an additional 3,628,722 shares during the period. Koch Industries Inc. grew its position in Illinois Tool Works by 31,484.3% in the 2nd quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock valued at $763,000 after purchasing an additional 765,699 shares during the period. Parametric Portfolio Associates LLC grew its position in Illinois Tool Works by 100.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock valued at $201,869,000 after purchasing an additional 707,287 shares during the period. Finally, Old Mutual Global Investors UK Ltd. grew its position in Illinois Tool Works by 116.7% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 1,032,408 shares of the industrial products company’s stock valued at $147,892,000 after purchasing an additional 555,923 shares during the period. 75.03% of the stock is owned by institutional investors and hedge funds.
ITW has been the topic of a number of analyst reports. Argus reaffirmed a “buy” rating and set a $180.00 price objective (up from $160.00) on shares of Illinois Tool Works in a report on Tuesday, October 24th. Credit Suisse Group set a $141.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Tuesday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $171.00 price objective (up from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $147.00 to $151.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Finally, Wells Fargo & Company set a $170.00 price objective on shares of Illinois Tool Works and gave the stock a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. Illinois Tool Works has an average rating of “Hold” and an average price target of $157.27.
Shares of Illinois Tool Works Inc. (NYSE ITW) opened at $157.14 on Friday. The company has a market capitalization of $54,230.00, a price-to-earnings ratio of 25.17, a PEG ratio of 2.37 and a beta of 1.16. Illinois Tool Works Inc. has a 52 week low of $120.06 and a 52 week high of $159.36. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.20. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.50 EPS. research analysts predict that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio is currently 47.85%.
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In other news, VP Norman D. Jr. Finch acquired 4,986 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were acquired at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the purchase, the vice president now owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven L. Martindale sold 64,818 shares of the business’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total value of $10,188,741.42. Following the completion of the sale, the insider now owns 95,328 shares in the company, valued at $14,984,608.32. The disclosure for this sale can be found here. Insiders sold a total of 126,506 shares of company stock worth $19,801,832 over the last 90 days. 0.90% of the stock is currently owned by company insiders.
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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