The First Trust Advisors LP Sells 61,641 Shares of Illinois Tool Works Inc. (ITW)

The First Trust Advisors LP Sells 61,641 Shares of Illinois Tool Works Inc. (ITW)

Other hedge funds and other institutional investors also recently modified their holdings of the company. FCM Investments TX bought a new position in shares of Illinois Tool Works during the first quarter worth $106,000. M&R Capital Management Inc. raised its position in shares of Illinois Tool Works by 4.2% in the fourth quarter. M&R Capital Management Inc. now owns 947 shares of the industrial products company’s stock worth $115,000 after buying an additional 38 shares in the last quarter. Hudock Capital Group LLC raised its position in shares of Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock worth $139,000 after buying an additional 6 shares in the last quarter. Intellectus Partners LLC bought a new position in shares of Illinois Tool Works during the fourth quarter worth $140,000. Finally, LeJeune Puetz Investment Counsel LLC bought a new position in shares of Illinois Tool Works during the fourth quarter worth $162,000. 74.80% of the stock is currently owned by hedge funds and other institutional investors.

First Trust Advisors LP cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 16.0% during the first quarter, Holdings Channel reports. The institutional investor owned 324,814 shares of the industrial products company’s stock after selling 61,641 shares during the period. First Trust Advisors LP’s holdings in Illinois Tool Works were worth $43,028,000 at the end of the most recent reporting period.

Shares of Illinois Tool Works Inc. (ITW) opened at 143.61 on Monday. The stock has a market cap of $49.61 billion, a price-to-earnings ratio of 24.12 and a beta of 1.01. Illinois Tool Works Inc. has a 52-week low of $98.32 and a 52-week high of $144.86. The stock’s 50 day moving average is $138.02 and its 200 day moving average is $130.65.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.09. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.40 billion. Illinois Tool Works had a net margin of 14.96% and a return on equity of 41.90%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post $6.35 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $148.00 price target on the stock in a research note on Wednesday, March 29th. Royal Bank of Canada raised their target price on shares of Illinois Tool Works from $125.00 to $141.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 25th. Jefferies Group LLC reissued a “buy” rating and issued a $155.00 target price (up from $145.00) on shares of Illinois Tool Works in a research note on Tuesday, April 11th. Goldman Sachs Group Inc lowered shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $123.00 to $121.00 in a research note on Friday, February 17th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $144.00 target price (up from $140.00) on shares of Illinois Tool Works in a research note on Tuesday, April 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $147.33. In related news, insider John R. Hartnett sold 13,889 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $139.27, for a total transaction of $1,934,321.03. Following the transaction, the insider now owns 25,978 shares of the company’s stock, valued at $3,617,956.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest Scott Santi sold 101,297 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the transaction, the chief executive officer now directly owns 191,142 shares in the company, valued at approximately $26,383,330.26. The disclosure for this sale can be found here. Insiders have sold 172,633 shares of company stock worth $23,991,443 in the last three months. Insiders own 0.80% of the company’s stock.

Illinois Tool Works Company Profile Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “ITW”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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