Tredje AP fonden increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,592 shares of the industrial products company’s stock after buying an additional 857 shares during the quarter. Tredje AP fonden’s holdings in Illinois Tool Works were worth $2,964,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. CFM Wealth Partners LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at $25,000. Stonebridge Financial Planning Group LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $27,000. Filbrandt Wealth Management LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $52,000. Raab & Moskowitz Asset Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $57,000. Finally, CBIZ Investment Advisory Services LLC purchased a new position in Illinois Tool Works during the fourth quarter worth about $58,000. 79.23% of the stock is currently owned by institutional investors.
Several analysts have recently weighed in on the stock. Morgan Stanley increased their price target on shares of Illinois Tool Works from $148.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Deutsche Bank upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and increased their price objective for the stock from $124.00 to $148.00 in a research report on Tuesday, May 5th. JPMorgan Chase & Co. reduced their target price on Illinois Tool Works from $160.00 to $156.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $165.00 price target on shares of Illinois Tool Works in a research note on Tuesday, February 4th. Finally, Robert W. Baird raised their price objective on Illinois Tool Works from $138.00 to $156.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $157.82.
In related news, CEO Ernest Scott Santi purchased 6,300 shares of Illinois Tool Works stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $158.42 per share, with a total value of $998,046.00. Following the transaction, the chief executive officer now directly owns 141,994 shares of the company’s stock, valued at $22,494,689.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Lenny acquired 1,575 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $159.19 per share, with a total value of $250,724.25. The disclosure for this purchase can be found here. 0.79% of the stock is currently owned by company insiders.
Shares of ITW traded down $0.35 during mid-day trading on Friday, hitting $163.75. 727,170 shares of the company’s stock were exchanged, compared to its average volume of 1,448,303. The stock’s 50-day moving average is $156.32 and its 200-day moving average is $168.68. The company has a debt-to-equity ratio of 3.37, a quick ratio of 2.13 and a current ratio of 2.71. Illinois Tool Works Inc. has a fifty-two week low of $115.94 and a fifty-two week high of $190.85. The company has a market cap of $51.84 billion, a price-to-earnings ratio of 21.24, a P/E/G ratio of 4.13 and a beta of 1.16.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, May 5th. The industrial products company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.06. The firm had revenue of $3.23 billion for 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%. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 EPS. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 5.24 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Monday, June 29th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.
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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