Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Meyer Handelman Co.
Meyer Handelman Co. lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.4% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 170,392 shares of the industrial products company’s stock after selling 15,664 shares during the quarter. Illinois Tool Works comprises about 1.3% of Meyer Handelman Co.’s portfolio, making the stock its 21st largest position. Meyer Handelman Co. owned about 0.05% of Illinois Tool Works worth $25,697,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of ITW. Pinnacle Bank acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $201,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Illinois Tool Works by 35.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,845 shares of the industrial products company’s stock valued at $234,000 after buying an additional 485 shares during the period. Belpointe Asset Management LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at about $481,000. Meeder Asset Management Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at about $1,071,000. Finally, Corient Capital Partners LLC lifted its holdings in shares of Illinois Tool Works by 44.4% in the 1st quarter. Corient Capital Partners LLC now owns 8,632 shares of the industrial products company’s stock valued at $1,239,000 after buying an additional 2,655 shares during the period. 77.47% of the stock is owned by institutional investors.
In related news, EVP John R. Hartnett sold 14,323 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $153.55, for a total value of $2,199,296.65. Following the completion of the transaction, the executive vice president now owns 31,695 shares of the company’s stock, valued at approximately $4,866,767.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Randall J. Scheuneman sold 14,931 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $150.17, for a total value of $2,242,188.27. Following the completion of the transaction, the vice president now directly owns 21,603 shares of the company’s stock, valued at approximately $3,244,122.51. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.03. The company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Illinois Tool Works had a return on equity of 72.74% and a net margin of 17.21%. Illinois Tool Works’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.97 EPS. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 7.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Friday, June 28th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $4.00 dividend on an annualized basis and a yield of 2.57%. Illinois Tool Works’s payout ratio is 52.63%.
Several brokerages have recently issued reports on ITW. UBS Group set a $133.00 price objective on LHC Group and gave the company a “buy” rating in a report on Friday, May 10th. Morgan Stanley set a $10.00 price objective on Ford Motor and gave the company a “hold” rating in a report on Friday, April 26th. Argus boosted their price objective on Waste Management from $110.00 to $115.00 and gave the company a “buy” rating in a report on Friday, April 26th. Northcoast Research cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price objective for the company. in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $137.00 price objective on shares of Continental in a report on Friday, April 26th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $139.60.
Illinois Tool Works 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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