November 10, 2019 at 6:58 pm

Gamco Investors INC. ET AL Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

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Gamco Investors INC. ET AL trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 15,800 shares of the industrial products company’s stock after selling 500 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Illinois Tool Works were worth $2,473,000 at the end of the most recent reporting period.

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Several other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Vanguard Group Inc. grew its position in Illinois Tool Works by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock worth $3,935,459,000 after acquiring an additional 659,248 shares during the last quarter. BlackRock Inc. grew its position in Illinois Tool Works by 3.0% during the 2nd quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock worth $3,053,058,000 after acquiring an additional 581,489 shares during the last quarter. Bank of America Corp DE grew its position in Illinois Tool Works by 2.6% during the 2nd quarter. Bank of America Corp DE now owns 3,756,360 shares of the industrial products company’s stock worth $566,496,000 after acquiring an additional 94,434 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Illinois Tool Works by 2.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock worth $362,170,000 after acquiring an additional 65,298 shares during the last quarter. Finally, Invesco Ltd. grew its position in Illinois Tool Works by 179.7% during the 2nd quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock worth $322,590,000 after acquiring an additional 1,374,150 shares during the last quarter. 78.17% of the stock is currently owned by institutional investors.

Shares of ITW stock traded down $0.10 during trading hours on Friday, reaching $176.41. The company’s stock had a trading volume of 995,797 shares, compared to its average volume of 1,318,047. The stock has a market capitalization of $56.63 billion, a P/E ratio of 23.21, a P/E/G ratio of 2.99 and a beta of 1.22. Illinois Tool Works Inc. has a one year low of $117.75 and a one year high of $179.29. The firm’s fifty day simple moving average is $160.07 and its 200 day simple moving average is $153.13. The company has a current ratio of 2.81, a quick ratio of 2.27 and a debt-to-equity ratio of 2.57.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Friday, October 25th. The industrial products company reported $2.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.94 by $0.10. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.55 billion. Illinois Tool Works had a return on equity of 80.38% and a net margin of 17.49%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company earned $1.76 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 7.7 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $4.28 annualized dividend and a dividend yield of 2.43%. Illinois Tool Works’s dividend payout ratio is presently 56.32%.

In related news, EVP Michael R. Zimmerman sold 6,600 shares of Illinois Tool Works stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $172.43, for a total transaction of $1,138,038.00. Following the sale, the executive vice president now directly owns 13,590 shares in the company, valued at $2,343,323.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Randall J. Scheuneman sold 11,977 shares of Illinois Tool Works stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $171.63, for a total value of $2,055,612.51. Following the sale, the chief accounting officer now owns 18,649 shares in the company, valued at $3,200,727.87. The disclosure for this sale can be found here. Insiders have sold 346,180 shares of company stock worth $57,725,646 over the last 90 days. 0.87% of the stock is currently owned by corporate insiders.

ITW has been the topic of several recent research reports. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 price target on the stock. in a research report on Monday, October 28th. Credit Suisse Group lifted their price objective on Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. Wells Fargo & Co lifted their price objective on Illinois Tool Works from $170.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. UBS Group lifted their price objective on Illinois Tool Works from $154.00 to $168.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. Finally, Argus set a $180.00 price objective on Illinois Tool Works and gave the stock a “buy” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $150.57.

About Illinois Tool Works

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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