Manitou Investment Management Ltd. Boosts Position in Illinois Tool Works Inc. (NYSE:ITW)

Manitou Investment Management Ltd. increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,720 shares of the industrial products company’s stock after purchasing an additional 370 shares during the quarter. Illinois Tool Works makes up approximately 0.1% of Manitou Investment Management Ltd.’s portfolio, making the stock its 27th biggest position. Manitou Investment Management Ltd.’s holdings in Illinois Tool Works were worth $582,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ITW. Delta Asset Management LLC TN raised its stake in shares of Illinois Tool Works by 8.0% during the third quarter. Delta Asset Management LLC TN now owns 809 shares of the industrial products company’s stock worth $127,000 after purchasing an additional 60 shares during the last quarter. Blue Chip Partners Inc. raised its stake in shares of Illinois Tool Works by 1.6% during the third quarter. Blue Chip Partners Inc. now owns 3,812 shares of the industrial products company’s stock worth $597,000 after purchasing an additional 61 shares during the last quarter. Gables Capital Management Inc. raised its stake in shares of Illinois Tool Works by 3.4% during the third quarter. Gables Capital Management Inc. now owns 1,858 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 61 shares during the last quarter. Benjamin Edwards Inc. raised its stake in shares of Illinois Tool Works by 6.7% during the third quarter. Benjamin Edwards Inc. now owns 1,015 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 64 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Illinois Tool Works by 25.1% during the third quarter. Allworth Financial LP now owns 349 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company’s stock.

ITW stock traded down $0.10 on Friday, reaching $176.41. 995,797 shares of the company’s stock were exchanged, compared to its average volume of 1,318,047. The company has a quick ratio of 2.27, a current ratio of 2.81 and a debt-to-equity ratio of 2.57. The firm has a market cap of $56.63 billion, a PE ratio of 23.21, a P/E/G ratio of 2.99 and a beta of 1.22. Illinois Tool Works Inc. has a twelve month low of $117.75 and a twelve month high of $179.29. The stock has a fifty day moving average of $160.07 and a 200-day moving average of $153.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 25th. The industrial products company reported $2.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.94 by $0.10. The company 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%. Illinois Tool Works’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.76 earnings per share. On average, equities research analysts predict that Illinois Tool Works Inc. will post 7.7 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, December 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 56.32%.

A number of research analysts recently weighed in on ITW shares. Argus set a $180.00 price objective on Illinois Tool Works and gave the stock a “buy” rating in a report on Friday, October 25th. Morgan Stanley upped their price objective on Illinois Tool Works from $136.00 to $142.00 and gave the stock an “underweight” rating in a report on Monday, October 28th. Wells Fargo & Co upped their price objective on Illinois Tool Works from $170.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Goldman Sachs Group lowered 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 Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, October 28th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Illinois Tool Works has an average rating of “Hold” and an average price target of $150.57.

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 11,977 shares of the company’s stock in a transaction on Friday, November 1st. The stock was 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 of the company’s stock, valued at $3,200,727.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ernest Scott Santi sold 152,594 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $169.05, for a total value of $25,796,015.70. Following the completion of the sale, the chief executive officer now directly owns 150,922 shares in the company, valued at approximately $25,513,364.10. The disclosure for this sale can be found here. Insiders sold 346,180 shares of company stock worth $57,725,646 in the last three months. 0.87% of the stock is owned by corporate insiders.

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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