Parsons Capital Management Inc. RI Has $1.03 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Parsons Capital Management Inc. RI raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 76.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,830 shares of the industrial products company’s stock after acquiring an additional 2,970 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Illinois Tool Works were worth $1,030,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. FinTrust Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $107,000. Stephens Inc. AR lifted its stake in shares of Illinois Tool Works by 1.8% during the 2nd quarter. Stephens Inc. AR now owns 65,122 shares of the industrial products company’s stock worth $9,821,000 after buying an additional 1,129 shares during the last quarter. Hayden Royal LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $302,000. JFG Wealth Management LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $365,000. Finally, Advisory Services Network LLC lifted its stake in shares of Illinois Tool Works by 7.0% during the 2nd quarter. Advisory Services Network LLC now owns 10,889 shares of the industrial products company’s stock worth $1,642,000 after buying an additional 716 shares during the last quarter. Hedge funds and other institutional investors own 77.88% of the company’s stock.

A number of equities analysts recently commented on ITW shares. UBS Group raised their price target on shares of Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price on the stock. in a report on Tuesday, July 9th. Morgan Stanley set a $134.00 target price on shares of Illinois Tool Works and gave the company a “sell” rating in a report on Friday, April 26th. Citigroup set a $161.00 target price on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Friday, April 26th. Finally, Northcoast Research lowered shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 target price on the stock. in a report on Wednesday, June 26th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $142.33.



In related news, VP Randall J. Scheuneman sold 14,931 shares of Illinois Tool Works stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $150.17, for a total transaction of $2,242,188.27. Following the sale, the vice president now directly owns 21,603 shares in the company, valued at approximately $3,244,122.51. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steven L. Martindale sold 48,622 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $155.88, for a total transaction of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at $13,179,030.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,878 shares of company stock worth $11,313,386. 0.87% of the stock is owned by corporate insiders.

NYSE:ITW traded up $3.18 during mid-day trading on Friday, hitting $149.80. 12,213 shares of the company’s stock were exchanged, compared to its average volume of 1,498,555. The company has a 50 day simple moving average of $150.92 and a 200-day simple moving average of $148.26. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52. Illinois Tool Works Inc. has a fifty-two week low of $117.75 and a fifty-two week high of $160.78. The firm has a market capitalization of $47.43 billion, a P/E ratio of 19.69, a PEG ratio of 2.55 and a beta of 1.23.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, topping the 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 business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the company earned $1.97 EPS. The firm’s revenue was down 5.8% compared to the same quarter last year. As a group, analysts expect that Illinois Tool Works Inc. will post 7.74 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Monday, September 30th will be given a dividend of $1.07 per share. The ex-dividend date is Friday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a yield of 2.86%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.63%.

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.

Further Reading: Reverse Stock Split

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

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