Mirae Asset Global Investments Co. Ltd. Purchases New Stake in Illinois Tool Works Inc. $ITW

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 89,154 shares of the industrial products company’s stock, valued at approximately $22,938,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ITW. JFS Wealth Advisors LLC raised its holdings in Illinois Tool Works by 21.5% during the 2nd quarter. JFS Wealth Advisors LLC now owns 226 shares of the industrial products company’s stock valued at $61,000 after acquiring an additional 40 shares during the period. Cushing Capital Partners LLC lifted its position in shares of Illinois Tool Works by 1.6% during the third quarter. Cushing Capital Partners LLC now owns 2,939 shares of the industrial products company’s stock worth $756,000 after acquiring an additional 46 shares in the last quarter. MCF Advisors LLC lifted its position in shares of Illinois Tool Works by 2.1% during the second quarter. MCF Advisors LLC now owns 2,281 shares of the industrial products company’s stock worth $620,000 after acquiring an additional 48 shares in the last quarter. Lodestone Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 42.1% in the third quarter. Lodestone Wealth Management LLC now owns 162 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 48 shares during the period. Finally, Thayer Partners LLC MA boosted its holdings in shares of Illinois Tool Works by 4.4% in the first quarter. Thayer Partners LLC MA now owns 1,157 shares of the industrial products company’s stock worth $301,000 after acquiring an additional 49 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group set a $277.00 price target on Illinois Tool Works in a research report on Friday, October 9th. Wolfe Research reissued an “underperform” rating and set a $286.00 price objective on shares of Illinois Tool Works in a report on Thursday, July 9th. JPMorgan Chase & Co. downgraded Illinois Tool Works from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $270.00 target price on shares of Illinois Tool Works in a report on Tuesday, October 27th. Finally, Citigroup decreased their price target on Illinois Tool Works from $317.00 to $310.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $276.33.

Illinois Tool Works Stock Up 4.1%

Shares of NYSE:ITW opened at $289.84 on Tuesday. The firm has a fifty day moving average price of $271.57 and a two-hundred day moving average price of $270.86. The company has a market cap of $82.37 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 2.97 and a beta of 0.96. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.29 and a quick ratio of 0.81. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.03. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.26 billion. During the same quarter in the prior year, the firm posted $2.81 earnings per share. The business’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts anticipate that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s payout ratio is presently 61.32%.

Insider Transactions at Illinois Tool Works

In other news, Director Ernest Santi sold 41,431 shares of Illinois Tool Works stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the completion of the sale, the director owned 266,288 shares in the company, valued at approximately $76,448,621.92. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the sale, the chief accounting officer owned 3,394 shares of the company’s stock, valued at approximately $981,612.68. This trade represents a 7.55% decrease in their position. The SEC filing for this sale provides additional information. 0.83% of the stock is owned by corporate insiders.

About Illinois Tool Works

Illinois Tool Works Inc (NYSE: ITW) is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.

ITW’s operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.