Ethic Inc. increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 68.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,038 shares of the industrial products company’s stock after purchasing an additional 1,235 shares during the quarter. Ethic Inc.’s holdings in Illinois Tool Works were worth $587,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ITW. BlackRock Inc. increased its position in shares of Illinois Tool Works by 3.6% during the second quarter. BlackRock Inc. now owns 22,446,860 shares of the industrial products company’s stock worth $3,924,836,000 after acquiring an additional 772,245 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Illinois Tool Works by 11.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,184,198 shares of the industrial products company’s stock valued at $731,607,000 after acquiring an additional 438,056 shares during the period. Bank of America Corp DE lifted its stake in shares of Illinois Tool Works by 3.8% during the 2nd quarter. Bank of America Corp DE now owns 3,707,754 shares of the industrial products company’s stock worth $648,301,000 after buying an additional 135,242 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Illinois Tool Works by 22.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,971,797 shares of the industrial products company’s stock worth $344,769,000 after buying an additional 367,413 shares during the last quarter. Finally, FMR LLC raised its stake in Illinois Tool Works by 36.5% in the 2nd quarter. FMR LLC now owns 1,602,863 shares of the industrial products company’s stock worth $280,262,000 after purchasing an additional 428,601 shares in the last quarter. Institutional investors and hedge funds own 78.12% of the company’s stock.
Shares of Illinois Tool Works stock opened at $196.81 on Friday. Illinois Tool Works Inc. has a 1 year low of $115.94 and a 1 year high of $208.08. The company has a current ratio of 2.75, a quick ratio of 2.18 and a debt-to-equity ratio of 3.29. The firm has a market capitalization of $62.22 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 6.27 and a beta of 1.15. The firm’s 50 day moving average is $198.60 and its 200 day moving average is $181.37.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 23rd. The industrial products company reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.38. Illinois Tool Works had a net margin of 17.16% and a return on equity of 81.80%. The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period in the previous year, the firm posted $2.04 EPS. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 5.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 2.32%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend was Tuesday, September 29th. Illinois Tool Works’s payout ratio is presently 58.84%.
In related news, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $194.58, for a total transaction of $5,779,415.16. Following the transaction, the insider now owns 63,300 shares in the company, valued at approximately $12,316,914. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John R. Hartnett sold 19,436 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $193.96, for a total transaction of $3,769,806.56. Following the transaction, the executive vice president now owns 39,485 shares in the company, valued at approximately $7,658,510.60. The disclosure for this sale can be found here. Insiders have sold a total of 143,879 shares of company stock worth $27,240,677 over the last three months. Insiders own 0.79% of the company’s stock.
Several analysts have weighed in on ITW shares. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $167.00 to $176.00 and gave the stock an “underweight” rating in a research note on Monday. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $175.00 to $212.00 in a research report on Thursday. Credit Suisse Group boosted their target price on shares of Illinois Tool Works from $174.00 to $195.00 in a research report on Monday, August 3rd. BMO Capital Markets boosted their target price on shares of Illinois Tool Works from $205.00 to $225.00 in a research report on Monday. Finally, Smith Barney Citigroup boosted their target price on shares of Illinois Tool Works from $203.00 to $211.00 in a research report on Monday. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $184.00.
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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