MAI Capital Management raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 20.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,004 shares of the industrial products company’s stock after acquiring an additional 516 shares during the period. MAI Capital Management’s holdings in Illinois Tool Works were worth $431,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Venturi Wealth Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth $318,000. Pinnacle Bank acquired a new stake in Illinois Tool Works during the 4th quarter worth $201,000. Massmutual Trust Co. FSB ADV raised its stake in Illinois Tool Works by 35.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,845 shares of the industrial products company’s stock worth $234,000 after buying an additional 485 shares during the period. Douglas Lane & Associates LLC raised its stake in Illinois Tool Works by 1.8% during the 4th quarter. Douglas Lane & Associates LLC now owns 116,094 shares of the industrial products company’s stock worth $14,708,000 after buying an additional 2,089 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $1,071,000. 77.65% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on the company. UBS Group lifted their price target on Illinois Tool Works from $137.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 8th. Argus raised their price objective on Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Citigroup set a $161.00 price objective on Illinois Tool Works and gave the company a “hold” rating in a report on Friday, April 26th. Five research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $142.59.
Shares of NYSE:ITW traded down $0.57 during trading on Friday, reaching $145.72. 1,023,915 shares of the stock were exchanged, compared to its average volume of 1,379,435. 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 12 month low of $117.75 and a 12 month high of $158.69. The stock has a market cap of $47.88 billion, a PE ratio of 19.17, a P/E/G ratio of 2.47 and a beta of 1.21.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.01. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the business earned $1.90 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 7.94 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.74%. Illinois Tool Works’s payout ratio is 52.63%.
In other Illinois Tool Works news, EVP John R. Hartnett sold 14,323 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 31,695 shares in the company, valued at $4,866,767.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 71,927 shares of the company’s stock, 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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About Illinois Tool Works
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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