Usca Ria LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,631 shares of the industrial products company’s stock, valued at approximately $226,000.
Several other institutional investors have also recently bought and sold shares of the business. CX Institutional purchased a new stake in Illinois Tool Works in the second quarter worth approximately $101,000. Kaizen Advisory LLC increased its holdings in shares of Illinois Tool Works by 151.0% during the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 450 shares during the last quarter. Clearwater Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter valued at about $117,000. Parisi Gray Wealth Management increased its holdings in shares of Illinois Tool Works by 88.8% during the 1st quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock valued at $123,000 after acquiring an additional 372 shares during the last quarter. Finally, FTB Advisors Inc. increased its holdings in shares of Illinois Tool Works by 95.0% during the 2nd quarter. FTB Advisors Inc. now owns 936 shares of the industrial products company’s stock valued at $128,000 after acquiring an additional 456 shares during the last quarter. 77.09% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Richard H. Lenny acquired 1,778 shares of the firm’s stock in a transaction dated Friday, July 27th. The shares were bought at an average price of $140.85 per share, with a total value of $250,431.30. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.82% of the stock is currently owned by company insiders.
A number of research analysts have recently commented on ITW shares. Wolfe Research started coverage on Illinois Tool Works in a report on Wednesday, June 27th. They set an “underperform” rating on the stock. ValuEngine lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Wells Fargo & Co reissued a “buy” rating and set a $160.00 price objective (down previously from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Royal Bank of Canada lowered their price objective on Illinois Tool Works to $150.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 24th. Finally, Deutsche Bank set a $151.00 price objective on Illinois Tool Works and gave the company a “hold” rating in a report on Tuesday, July 24th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. Illinois Tool Works has an average rating of “Hold” and a consensus price target of $159.53.
ITW opened at $137.77 on Tuesday. The company has a market capitalization of $46.76 billion, a price-to-earnings ratio of 20.91, a price-to-earnings-growth ratio of 1.79 and a beta of 1.25. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 1.60. Illinois Tool Works Inc. has a 12-month low of $134.66 and a 12-month high of $179.07.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.97. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter last year, the firm posted $1.69 EPS. The company’s revenue was up 6.4% on a year-over-year basis. research analysts expect that Illinois Tool Works Inc. will post 7.64 EPS for the current fiscal year.
Illinois Tool Works announced that its Board of Directors has authorized a stock buyback program on Friday, August 3rd that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Thursday, September 27th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.34%.
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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