State Board of Administration of Florida Retirement System increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 425,056 shares of the industrial products company’s stock after purchasing an additional 3,960 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.12% of Illinois Tool Works worth $62,891,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. Omnia Family Wealth LLC boosted its holdings in Illinois Tool Works by 0.3% during the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after buying an additional 2 shares during the last quarter. Harding Loevner LP bought a new position in Illinois Tool Works during the second quarter worth about $115,000. WFG Advisors LP boosted its holdings in Illinois Tool Works by 24.7% during the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after buying an additional 161 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in Illinois Tool Works by 1.9% during the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after buying an additional 17 shares during the last quarter. Finally, Atlantic Trust LLC bought a new position in Illinois Tool Works during the second quarter worth about $139,000. Hedge funds and other institutional investors own 75.03% of the company’s stock.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Morgan Stanley lifted their price objective on Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. BMO Capital Markets lifted their price objective on Illinois Tool Works from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th. Credit Suisse Group cut their price objective on Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating on the stock in a report on Tuesday, October 24th. Finally, Argus reissued a “buy” rating and issued a $180.00 target price (up previously from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $157.27.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at $155.85 on Thursday. The firm has a market capitalization of $54,315.64, a price-to-earnings ratio of 25.17, a PEG ratio of 2.37 and a beta of 1.16. The company has a current ratio of 2.41, a quick ratio of 1.98 and a debt-to-equity ratio of 1.48. Illinois Tool Works Inc. has a 1 year low of $120.06 and a 1 year high of $159.36.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the company earned $1.50 EPS. Illinois Tool Works’s revenue for the quarter was up 3.4% on a year-over-year basis. sell-side analysts anticipate that Illinois Tool Works Inc. will post 6.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Friday, December 29th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, December 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.00%. Illinois Tool Works’s dividend payout ratio is currently 47.78%.
In related news, insider John R. Hartnett sold 6,533 shares of the company’s stock in a transaction on Friday, October 20th. The stock was 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 directly owns 18,622 shares in the company, valued at approximately $2,886,410. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Norman D. Jr. Finch acquired 4,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were acquired at an average price of $156.34 per share, with a total value of $779,511.24. Following the completion of the transaction, the vice president now owns 4,371 shares in the company, valued at $683,362.14. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 126,506 shares of company stock valued at $19,801,832. 0.90% of the stock is owned by corporate insiders.
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Illinois Tool Works 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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