Voloridge Investment Management LLC Purchases 117,216 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Voloridge Investment Management LLC boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 82.7% during the first quarter, Holdings Channel.com reports. The firm owned 258,874 shares of the industrial products company’s stock after acquiring an additional 117,216 shares during the period. Voloridge Investment Management LLC’s holdings in Illinois Tool Works were worth $57,346,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Harbour Investments Inc. bought a new position in shares of Illinois Tool Works in the 1st quarter valued at about $28,000. Bogart Wealth LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $31,000. Retirement Group LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at approximately $37,000. Sound Income Strategies LLC raised its holdings in Illinois Tool Works by 780.0% during the 1st quarter. Sound Income Strategies LLC now owns 176 shares of the industrial products company’s stock valued at $39,000 after buying an additional 156 shares during the period. Finally, Certified Advisory Corp bought a new stake in Illinois Tool Works in the first quarter worth $42,000. 77.65% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE ITW traded down $0.88 during mid-day trading on Thursday, reaching $228.47. 2,594 shares of the company were exchanged, compared to its average volume of 804,931. The business has a 50-day simple moving average of $229.04. Illinois Tool Works Inc. has a 1 year low of $180.80 and a 1 year high of $242.07. The company has a current ratio of 2.50, a quick ratio of 2.02 and a debt-to-equity ratio of 2.32. The firm has a market capitalization of $72.17 billion, a PE ratio of 32.91, a price-to-earnings-growth ratio of 2.29 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, April 30th. The industrial products company reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 analyst estimates of $3.43 billion. During the same period in the prior year, the firm posted $1.77 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Analysts anticipate that Illinois Tool Works Inc. will post 8.52 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th were issued a $1.14 dividend. This represents a $4.56 annualized dividend and a yield of 2.00%. The ex-dividend date was Tuesday, June 29th. Illinois Tool Works’s dividend payout ratio is currently 65.14%.

In related news, CAO Randall J. Scheuneman sold 6,820 shares of the company’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $237.32, for a total transaction of $1,618,522.40. Following the transaction, the chief accounting officer now directly owns 14,622 shares of the company’s stock, valued at approximately $3,470,093.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.80% of the company’s stock.

ITW has been the subject of several analyst reports. Robert W. Baird raised their target price on shares of Illinois Tool Works from $214.00 to $229.00 and gave the stock a “neutral” rating in a report on Friday, April 30th. Barclays downgraded 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 research note on Wednesday, May 26th. BMO Capital Markets increased their price target on Illinois Tool Works from $225.00 to $235.00 and gave the stock a “market perform” rating in a report on Monday, May 3rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Illinois Tool Works from $227.00 to $238.00 and gave the company a “hold” rating in a report on Wednesday, July 14th. Finally, Credit Suisse Group increased their target price on Illinois Tool Works from $242.00 to $261.00 and gave the stock an “outperform” rating in a research note on Monday, May 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $225.47.

Illinois Tool Works 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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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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