Covington Investment Advisors Inc. Purchases New Holdings in Illinois Tool Works (ITW)

Covington Investment Advisors Inc. purchased a new stake in Illinois Tool Works (NYSE:ITW) during the first quarter, according to its most recent filing with the SEC. The fund purchased 22,904 shares of the industrial products company’s stock, valued at approximately $3,588,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. BlackRock Inc. increased its holdings in Illinois Tool Works by 4.3% in the 1st quarter. BlackRock Inc. now owns 21,382,129 shares of the industrial products company’s stock valued at $3,349,722,000 after acquiring an additional 874,197 shares during the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in Illinois Tool Works in the 4th quarter valued at $84,620,000. UBS Asset Management Americas Inc. increased its holdings in Illinois Tool Works by 35.8% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,247,440 shares of the industrial products company’s stock valued at $208,135,000 after acquiring an additional 329,115 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Illinois Tool Works by 5.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,528,000 shares of the industrial products company’s stock valued at $866,016,000 after acquiring an additional 298,220 shares during the last quarter. Finally, Telemus Capital LLC increased its holdings in Illinois Tool Works by 14,337.9% in the 4th quarter. Telemus Capital LLC now owns 296,555 shares of the industrial products company’s stock valued at $49,480,000 after acquiring an additional 294,501 shares during the last quarter. Institutional investors own 77.03% of the company’s stock.

Illinois Tool Works opened at $148.06 on Thursday, Marketbeat.com reports. Illinois Tool Works has a 12 month low of $135.07 and a 12 month high of $179.07. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.20 and a quick ratio of 1.74. The stock has a market cap of $50.72 billion, a P/E ratio of 22.47, a PEG ratio of 1.90 and a beta of 1.25.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Thursday, April 26th. The industrial products company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.86 by $0.04. Illinois Tool Works had a net margin of 12.36% and a return on equity of 51.79%. The firm had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same period in the previous year, the company earned $1.54 EPS. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. research analysts expect that Illinois Tool Works will post 7.78 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 11th. Investors of record on Friday, June 29th will be paid a dividend of $0.78 per share. The ex-dividend date is Thursday, June 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.11%. Illinois Tool Works’s dividend payout ratio is presently 47.34%.

A number of brokerages have issued reports on ITW. BMO Capital Markets reduced their price target on shares of Illinois Tool Works from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Friday, May 4th. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $162.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 27th. ValuEngine cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Monday, April 16th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Illinois Tool Works from $168.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, April 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $177.67.

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

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