Argus Investors’ Counsel Lowers stake in Illinois Tool Works (ITW)

Illinois Tool Works (ITW) : Argus Investors’ Counsel reduced its stake in Illinois Tool Works by 5.44% during the most recent quarter end. The investment management company now holds a total of 46,070 shares of Illinois Tool Works which is valued at $5,332,603 after selling 2,650 shares in Illinois Tool Works , the firm said in a disclosure report filed with the SEC on Jul 25, 2016.Illinois Tool Works makes up approximately 2.17% of Argus Investors’ Counsel’s portfolio.

Other Hedge Funds, Including , Norris Perne French Llpmi reduced its stake in ITW by selling 600 shares or 20.58% in the most recent quarter. The Hedge Fund company now holds 2,316 shares of ITW which is valued at $268,077. Illinois Tool Works makes up approx 0.06% of Norris Perne French Llpmi’s portfolio.Garland Capital Management Inc reduced its stake in ITW by selling 1,050 shares or 1.9% in the most recent quarter. The Hedge Fund company now holds 54,300 shares of ITW which is valued at $6,202,146. Illinois Tool Works makes up approx 4.78% of Garland Capital Management Inc’s portfolio.Summit Financial Wealth Advisors reduced its stake in ITW by selling 3,511 shares or 7.46% in the most recent quarter. The Hedge Fund company now holds 43,574 shares of ITW which is valued at $4,721,679. Illinois Tool Works makes up approx 1.95% of Summit Financial Wealth Advisors’s portfolio.

Illinois Tool Works opened for trading at $115.32 and hit $115.74 on the upside on Friday, eventually ending the session at $115.4, with a gain of 0.03% or 0.04 points. The heightened volatility saw the trading volume jump to 8,56,442 shares. Company has a market cap of $41,471 M.

On the company’s financial health, Illinois Tool Works reported $1.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $1.40. The company had revenue of $3431.00 million for the quarter, compared to analysts expectations of $3413.93 million. The company’s revenue was down -.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.30 EPS.

Many Wall Street Analysts have commented on Illinois Tool Works. Company shares were Reiterated by RBC Capital Mkts on Jul 21, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 104 from a previous price target of $101 .Robert W. Baird Downgraded Illinois Tool Works on Jun 23, 2016 to ” Neutral”, Price Target of the shares are set at $108.

Illinois Tool Works Inc. (ITW) is a manufacturer of a range of industrial products and equipment. The Company’s operates in seven segments: Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products and Specialty Products. These operations serve end markets as automotive original equipment manufacturers/tiers automotive aftermarket general industrial commercial food equipment and construction. It produces components and fasteners for automotive-related applications; equipment consumables and related software; commercial food equipment adhesives sealants lubrication and cutting fluids; arc welding equipment consumables and accessories; construction fastening systems and truss products and beverage packaging equipment and consumables. The Company operates approximately 90 divisions in 57 countries.

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