DnB Asset Management AS increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 21.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 51,917 shares of the industrial products company’s stock after acquiring an additional 9,100 shares during the quarter. DnB Asset Management AS’s holdings in Illinois Tool Works were worth $8,662,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in ITW. Janus Henderson Group PLC increased its holdings in Illinois Tool Works by 2,939.8% in the 2nd quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock valued at $537,498,000 after buying an additional 3,628,722 shares during the period. BlackRock Inc. increased its holdings in Illinois Tool Works by 5.8% in the 2nd quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock valued at $2,927,540,000 after buying an additional 1,118,381 shares during the period. Vaughan David Investments Inc. IL increased its holdings in Illinois Tool Works by 34,278.6% in the 3rd quarter. Vaughan David Investments Inc. IL now owns 939,568 shares of the industrial products company’s stock valued at $35,779,000 after buying an additional 936,835 shares during the period. Koch Industries Inc. increased its holdings in Illinois Tool Works by 31,484.3% in the 2nd quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock valued at $763,000 after buying an additional 765,699 shares during the period. Finally, Parametric Portfolio Associates LLC increased its holdings in Illinois Tool Works by 100.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock valued at $201,869,000 after buying an additional 707,287 shares during the period. 74.70% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Norman D. Jr. Finch bought 4,986 shares of Illinois Tool Works stock in a transaction dated Wednesday, October 25th. The shares were bought at an average price of $156.34 per share, for a total transaction of $779,511.24. Following the purchase, the vice president now owns 4,371 shares of the company’s stock, valued at $683,362.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John R. Hartnett sold 6,533 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $155.00, for a total transaction of $1,012,615.00. Following the completion of the sale, the insider now owns 18,622 shares in the company, valued at approximately $2,886,410. The disclosure for this sale can be found here. Insiders sold a total of 214,791 shares of company stock worth $34,665,964 in the last 90 days. 0.90% of the stock is owned by corporate insiders.
Shares of Illinois Tool Works Inc. (NYSE ITW) opened at $167.31 on Thursday. Illinois Tool Works Inc. has a 52 week low of $120.06 and a 52 week high of $169.69. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48. The company has a market cap of $57,320.00, a price-to-earnings ratio of 25.66, a PEG ratio of 2.28 and a beta of 1.18.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The company had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the company earned $1.50 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. sell-side analysts expect that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th were paid a $0.78 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $3.12 annualized dividend and a dividend yield of 1.86%. Illinois Tool Works’s dividend payout ratio is presently 47.85%.
ITW has been the topic of several analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $143.00 price target on shares of Illinois Tool Works in a report on Wednesday, September 13th. Citigroup reissued a “buy” rating and issued a $162.00 price target on shares of Illinois Tool Works in a report on Tuesday, September 26th. Morgan Stanley reissued an “equal weight” rating and issued a $147.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. JPMorgan Chase & Co. raised shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $132.00 to $140.00 in a report on Tuesday, October 10th. Finally, Wells Fargo & Co set a $170.00 price target on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $166.13.
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Illinois Tool Works Company Profile
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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