State of Wisconsin Investment Board boosted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 60.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 286,447 shares of the industrial products company’s stock after buying an additional 108,268 shares during the period. State of Wisconsin Investment Board’s holdings in Illinois Tool Works were worth $63,454,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Illinois Tool Works by 2.3% in the first quarter. Geode Capital Management LLC now owns 4,776,762 shares of the industrial products company’s stock worth $1,055,548,000 after buying an additional 105,616 shares during the period. Bank of New York Mellon Corp lifted its holdings in Illinois Tool Works by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 3,843,534 shares of the industrial products company’s stock worth $851,420,000 after buying an additional 88,248 shares during the period. Flossbach Von Storch AG lifted its holdings in Illinois Tool Works by 62.1% in the first quarter. Flossbach Von Storch AG now owns 3,553,420 shares of the industrial products company’s stock worth $787,154,000 after buying an additional 1,360,855 shares during the period. Norges Bank purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $711,314,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Illinois Tool Works by 5.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,448,620 shares of the industrial products company’s stock valued at $542,418,000 after purchasing an additional 128,969 shares during the last quarter. Institutional investors and hedge funds own 77.65% of the company’s stock.
ITW has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Illinois Tool Works from $227.00 to $238.00 and gave the company a “hold” rating in a report on Wednesday, July 14th. Morgan Stanley lifted their target price on shares of Illinois Tool Works from $189.00 to $207.00 and gave the company an “underweight” rating in a report on Monday, May 3rd. Barclays lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $240.00 to $220.00 in a report on Wednesday, May 26th. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Finally, Argus boosted their price objective on shares of Illinois Tool Works from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, May 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $225.47.
NYSE:ITW opened at $229.35 on Thursday. The company has a debt-to-equity ratio of 2.32, a quick ratio of 2.02 and a current ratio of 2.50. Illinois Tool Works Inc. has a 12 month low of $180.80 and a 12 month high of $242.07. The company has a market cap of $72.45 billion, a P/E ratio of 32.91, a PEG ratio of 2.29 and a beta of 1.09. The stock has a 50 day moving average of $229.04.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, April 30th. The industrial products company reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.21. Illinois Tool Works had a net margin of 17.18% and a return on equity of 78.80%. The business had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the firm posted $1.77 EPS. The firm’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts predict that Illinois Tool Works Inc. will post 8.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th were given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Tuesday, June 29th. Illinois Tool Works’s payout ratio is 65.14%.
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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