Great Lakes Advisors LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,989 shares of the industrial products company’s stock after buying an additional 412 shares during the quarter. Great Lakes Advisors LLC’s holdings in Illinois Tool Works were worth $2,582,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted 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 worth $79,000 after acquiring an additional 9,962,137 shares in the last quarter. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter worth approximately $402,071,000. Massachusetts Financial Services Co. MA raised its position in 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 worth $1,117,426,000 after purchasing an additional 1,907,471 shares during the last quarter. Bessemer Group Inc. raised its position in 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 worth $94,892,000 after purchasing an additional 725,039 shares during the last quarter. Finally, Cerity Partners LLC raised its position in 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 worth $103,308,000 after purchasing an additional 502,769 shares during the last quarter. 77.59% of the stock is currently owned by institutional investors and hedge funds.
In other Illinois Tool Works news, EVP John R. Hartnett sold 14,323 shares of the firm’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 value of $2,199,296.65. Following the sale, the executive vice president now owns 31,695 shares in the company, valued at $4,866,767.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Randall J. Scheuneman sold 14,931 shares of the firm’s 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 approximately $3,244,122.51. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.
Illinois Tool Works stock traded down $2.93 during trading hours on Friday, hitting $149.05. The company had a trading volume of 985,802 shares, compared to its average volume of 1,388,082. The stock has a market cap of $48.89 billion, a P/E ratio of 19.61, a P/E/G ratio of 2.46 and a beta of 1.24. 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 one year low of $117.75 and a one year high of $158.69.
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 the Thomson Reuters’ consensus estimate 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 firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the firm earned $1.90 EPS. The business’s revenue was down 5.1% on a year-over-year basis. Equities analysts anticipate that Illinois Tool Works Inc. will post 7.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.00 per share. The ex-dividend date is Thursday, June 27th. This represents a $4.00 annualized dividend and a dividend yield of 2.68%. Illinois Tool Works’s dividend payout ratio is presently 52.63%.
Several research analysts recently weighed in on ITW shares. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $137.00 to $145.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. BMO Capital Markets dropped their target price on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating for the company in a research report on Monday, February 25th. UBS Group upped their target price on shares of Illinois Tool Works from $137.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 8th. Finally, Citigroup set a $161.00 price target on shares of 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 assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $142.59.
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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