FTB Advisors Inc. Increases Position in Illinois Tool Works Inc. (NYSE:ITW)

FTB Advisors Inc. boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 24,212.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 32,335 shares of the industrial products company’s stock after buying an additional 32,202 shares during the period. FTB Advisors Inc.’s holdings in Illinois Tool Works were worth $4,640,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ITW. Oregon Public Employees Retirement Fund lifted its holdings in shares of Illinois Tool Works by 12,441.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042,210 shares of the industrial products company’s stock valued at $79,000 after acquiring an additional 9,962,137 shares during the last quarter. Norges Bank bought a new position in shares of Illinois Tool Works in the 4th quarter valued at about $402,071,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Illinois Tool Works by 27.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,820,157 shares of the industrial products company’s stock valued at $1,117,426,000 after acquiring an additional 1,907,471 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Illinois Tool Works by 3,024.5% in the 4th quarter. Bessemer Group Inc. now owns 749,011 shares of the industrial products company’s stock valued at $94,892,000 after acquiring an additional 725,039 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of Illinois Tool Works by 160.8% in the 4th quarter. Cerity Partners LLC now owns 815,441 shares of the industrial products company’s stock valued at $103,308,000 after acquiring an additional 502,769 shares during the last quarter. Institutional investors and hedge funds own 78.58% of the company’s stock.

A number of research analysts recently commented on the stock. Argus increased their price target on shares of Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 26th. Morgan Stanley set a $134.00 price objective on shares of Illinois Tool Works and gave the stock a “sell” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. raised shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $120.00 to $144.00 in a research note on Friday, April 26th. Citigroup set a $161.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a research note on Friday, April 26th. Finally, Zacks Investment Research downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $142.59.

ITW stock traded down $1.25 during trading on Wednesday, hitting $149.96. 871,900 shares of the company’s stock traded hands, compared to its average volume of 1,373,800. The firm has a market cap of $49.26 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 2.46 and a beta of 1.21. The company has a quick ratio of 1.19, a current ratio of 1.53 and a debt-to-equity ratio of 1.87. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $158.69.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.01. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.64 billion. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. Illinois Tool Works’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company posted $1.90 earnings per share. Analysts anticipate that Illinois Tool Works Inc. will post 7.94 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Friday, June 28th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.67%. The ex-dividend date is Thursday, June 27th. Illinois Tool Works’s dividend payout ratio is currently 52.63%.

In other news, EVP John R. Hartnett sold 14,323 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $153.55, for a total transaction of $2,199,296.65. Following the sale, the executive vice president now directly owns 31,695 shares of the company’s stock, valued at $4,866,767.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total transaction of $6,349,737.66. Following the sale, the insider now directly owns 71,927 shares in the company, valued at $10,486,237.33. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

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

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