Surevest Inc. Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

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Surevest Inc. lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 29.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,078 shares of the industrial products company’s stock after buying an additional 1,393 shares during the quarter. Surevest Inc.’s holdings in Illinois Tool Works were worth $951,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ITW. First Trust Advisors LP grew its holdings in Illinois Tool Works by 144.7% in the first quarter. First Trust Advisors LP now owns 540,743 shares of the industrial products company’s stock worth $77,613,000 after purchasing an additional 319,752 shares during the period. Belpointe Asset Management LLC purchased a new stake in Illinois Tool Works in the first quarter worth about $481,000. Meridian Wealth Management LLC purchased a new stake in Illinois Tool Works in the first quarter worth about $59,000. Marshall Wace North America L.P. purchased a new stake in Illinois Tool Works in the first quarter worth about $21,156,000. Finally, GYL Financial Synergies LLC purchased a new stake in Illinois Tool Works in the first quarter worth about $1,513,000. Hedge funds and other institutional investors own 77.57% of the company’s stock.

A number of brokerages have weighed in on ITW. UBS Group upped their price objective on shares of Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Northcoast Research cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price objective on the stock. in a report on Wednesday, June 26th. Stifel Nicolaus set a $143.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Wednesday, October 9th. Goldman Sachs Group cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price objective on the stock. in a report on Monday, September 23rd. They noted that the move was a valuation call. Finally, Credit Suisse Group upped their price objective on shares of Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works has an average rating of “Hold” and an average target price of $141.38.

In related news, CFO Michael M. Larsen sold 35,617 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $159.61, for a total transaction of $5,684,829.37. Following the transaction, the chief financial officer now owns 38,726 shares in the company, valued at $6,181,056.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael R. Zimmerman sold 9,325 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the transaction, the insider now owns 16,315 shares in the company, valued at approximately $2,610,400. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,458 shares of company stock worth $25,172,163. 0.87% of the stock is owned by insiders.

Shares of NYSE:ITW traded up $2.35 during trading on Tuesday, reaching $156.29. 38,603 shares of the stock traded hands, compared to its average volume of 1,051,089. The stock has a 50-day moving average of $152.57 and a two-hundred day moving average of $151.22. Illinois Tool Works Inc. has a 52-week low of $117.75 and a 52-week high of $161.71. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. The stock has a market cap of $49.99 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 2.74 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the prior year, the company posted $1.97 earnings per share. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 7.67 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 9th. Investors of record on Monday, September 30th were given a dividend of $1.07 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, September 27th. This represents a $4.28 dividend on an annualized basis and a yield of 2.74%. Illinois Tool Works’s dividend payout ratio is 56.32%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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