MainStreet Investment Advisors LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 79.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,187 shares of the industrial products company’s stock after buying an additional 2,296 shares during the period. MainStreet Investment Advisors LLC’s holdings in Illinois Tool Works were worth $751,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Independent Family Office LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at about $228,000. Cambridge Investment Research Advisors Inc. boosted its position in Illinois Tool Works by 1.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 31,524 shares of the industrial products company’s stock valued at $5,663,000 after buying an additional 600 shares in the last quarter. First American Bank acquired a new position in Illinois Tool Works in the fourth quarter valued at about $4,272,000. Cannell Peter B & Co. Inc. boosted its position in Illinois Tool Works by 0.3% in the fourth quarter. Cannell Peter B & Co. Inc. now owns 90,099 shares of the industrial products company’s stock valued at $16,184,000 after buying an additional 250 shares in the last quarter. Finally, Dearborn Partners LLC boosted its position in Illinois Tool Works by 5.6% in the fourth quarter. Dearborn Partners LLC now owns 263,653 shares of the industrial products company’s stock valued at $47,360,000 after buying an additional 13,977 shares in the last quarter. Hedge funds and other institutional investors own 79.23% of the company’s stock.
In other news, Director Richard H. Lenny bought 1,575 shares of the stock in a transaction on Wednesday, May 6th. The stock was purchased at an average price of $159.19 per share, with a total value of $250,724.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest Scott Santi bought 6,300 shares of the stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $158.42 per share, with a total value of $998,046.00. Following the purchase, the chief executive officer now directly owns 141,994 shares of the company’s stock, valued at approximately $22,494,689.48. The disclosure for this purchase can be found here. 0.79% of the stock is currently owned by corporate insiders.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, May 5th. The industrial products company reported $1.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.06. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.29 billion. Illinois Tool Works had a net margin of 18.06% and a return on equity of 87.33%. Illinois Tool Works’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.81 earnings per share. Equities research analysts predict that Illinois Tool Works Inc. will post 5.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.61%. The ex-dividend date is Monday, June 29th. Illinois Tool Works’s payout ratio is presently 55.23%.
A number of research firms have commented on ITW. BMO Capital Markets restated a “market perform” rating and issued a $165.00 price target on shares of Illinois Tool Works in a research report on Tuesday, February 4th. Robert W. Baird upped their target price on shares of Illinois Tool Works from $138.00 to $156.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Gordon Haskett lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $170.00 target price on the stock. in a research report on Friday, May 8th. Northcoast Research upgraded shares of Illinois Tool Works from a “sell” rating to a “neutral” rating in a research report on Friday, May 8th. Finally, Wells Fargo & Co reduced their target price on shares of Illinois Tool Works from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, April 16th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $157.82.
Illinois Tool Works Company 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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