Parisi Gray Wealth Management increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,026 shares of the industrial products company’s stock after purchasing an additional 151 shares during the period. Parisi Gray Wealth Management’s holdings in Illinois Tool Works were worth $364,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in ITW. D Orazio & Associates Inc. purchased a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $28,000. Strategic Blueprint LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $31,000. Garrett Wealth Advisory Group LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $33,000. B & T Capital Management DBA Alpha Capital Management purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $34,000. Finally, Usca Ria LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $34,000. 77.88% of the stock is owned by hedge funds and other institutional investors.
Several analysts have weighed in on ITW shares. Credit Suisse Group boosted their target price on shares of Illinois Tool Works from $144.00 to $152.00 and gave the stock a “neutral” rating in a research report on Monday, October 28th. UBS Group boosted their target price on shares of Illinois Tool Works from $168.00 to $176.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Deutsche Bank boosted their target price on shares of Illinois Tool Works from $142.00 to $164.00 and gave the stock a “sell” rating in a research report on Wednesday, December 4th. Wells Fargo & Co boosted their target price on shares of Illinois Tool Works from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th. Finally, Morgan Stanley dropped their target price on shares of Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 16th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $154.21.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, October 25th. The industrial products company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.94 by $0.10. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.55 billion. Illinois Tool Works had a net margin of 17.49% and a return on equity of 80.38%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.76 EPS. As a group, analysts anticipate that Illinois Tool Works Inc. will post 7.7 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Monday, December 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 56.32%.
In other news, EVP John R. Hartnett sold 24,202 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $167.40, for a total value of $4,051,414.80. Following the sale, the executive vice president now directly owns 41,374 shares of the company’s stock, valued at approximately $6,926,007.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction 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 $25,513,364.10. The disclosure for this sale can be found here. Insiders sold a total of 239,069 shares of company stock worth $40,486,643 over the last ninety days. Insiders own 0.87% of the company’s stock.
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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