Modera Wealth Management LLC Increases Position in Illinois Tool Works Inc. (NYSE:ITW)

Share on StockTwits

Modera Wealth Management LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 74.6% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,520 shares of the industrial products company’s stock after buying an additional 1,504 shares during the period. Modera Wealth Management LLC’s holdings in Illinois Tool Works were worth $531,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Thoroughbred Financial Services LLC raised its holdings in Illinois Tool Works by 15,116.7% during the second quarter. Thoroughbred Financial Services LLC now owns 661,166 shares of the industrial products company’s stock worth $66,117,000 after purchasing an additional 656,821 shares in the last quarter. First Trust Advisors LP raised its holdings in Illinois Tool Works by 144.7% during the first quarter. First Trust Advisors LP now owns 540,743 shares of the industrial products company’s stock worth $77,613,000 after purchasing an additional 319,752 shares in the last quarter. Geode Capital Management LLC raised its holdings in Illinois Tool Works by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 3,925,119 shares of the industrial products company’s stock worth $496,400,000 after purchasing an additional 227,625 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Illinois Tool Works by 26.3% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 736,032 shares of the industrial products company’s stock worth $111,001,000 after purchasing an additional 153,450 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Illinois Tool Works during the first quarter worth about $21,156,000. 77.73% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently issued reports on ITW shares. UBS Group increased their price target on shares of Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Credit Suisse Group increased their price target on shares of Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price target for the company. in a report on Tuesday, July 9th. Finally, Northcoast Research cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target for the company. 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’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $142.33.

In other news, EVP Steven L. Martindale sold 48,622 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the sale, the executive vice president now directly owns 84,546 shares in the company, valued at $13,179,030.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Randall J. Scheuneman sold 14,931 shares of the 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 completion of the sale, the vice president now owns 21,603 shares in the company, valued at $3,244,122.51. The disclosure for this sale can be found here. Insiders have sold 72,878 shares of company stock worth $11,313,386 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

ITW traded down $5.45 on Friday, hitting $146.36. 1,230,595 shares of the company were exchanged, compared to its average volume of 1,336,703. The company has a debt-to-equity ratio of 2.52, a quick ratio of 2.30 and a current ratio of 2.87. The business’s fifty day moving average is $151.06 and its 200 day moving average is $148.63. 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 $49.11 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 2.55 and a beta of 1.23.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share 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 company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the business posted $1.97 earnings per share. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. Analysts forecast that Illinois Tool Works Inc. will post 7.74 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be given a dividend of $1.07 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. This represents a $4.28 annualized dividend and a yield of 2.92%. The ex-dividend date is Friday, September 27th. Illinois Tool Works’s dividend payout ratio is presently 52.63%.

Illinois Tool Works Company 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.

Featured Article: Economic Bubble

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW).

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

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.