OppenheimerFunds Inc. increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 28.3% in the second quarter, HoldingsChannel.com reports. The firm owned 1,584,305 shares of the industrial products company’s stock after buying an additional 349,717 shares during the quarter. OppenheimerFunds Inc.’s holdings in Illinois Tool Works were worth $219,489,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. State Treasurer State of Michigan grew its stake in shares of Illinois Tool Works by 150.8% during the second quarter. State Treasurer State of Michigan now owns 226,997 shares of the industrial products company’s stock worth $31,448,000 after purchasing an additional 136,500 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Illinois Tool Works by 6.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 995,437 shares of the industrial products company’s stock valued at $137,908,000 after acquiring an additional 56,096 shares during the period. Schwab Charles Investment Management Inc. grew its stake in Illinois Tool Works by 14.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,328,136 shares of the industrial products company’s stock valued at $184,000,000 after acquiring an additional 169,106 shares during the period. Bath Savings Trust Co grew its stake in Illinois Tool Works by 33.7% in the second quarter. Bath Savings Trust Co now owns 10,214 shares of the industrial products company’s stock valued at $1,415,000 after acquiring an additional 2,572 shares during the period. Finally, Cerebellum GP LLC acquired a new position in Illinois Tool Works in the second quarter valued at about $174,000. 76.11% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on ITW shares. Citigroup set a $166.00 target price on Illinois Tool Works and gave the company a “buy” rating in a research note on Tuesday, July 24th. Wells Fargo & Co reissued a “buy” rating and issued a $160.00 target price (down from $170.00) on shares of Illinois Tool Works in a research note on Tuesday, July 24th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 target price for the company in a research note on Wednesday, June 27th. Morgan Stanley started coverage on Illinois Tool Works in a research note on Monday, August 20th. They issued an “equal weight” rating and a $146.00 target price for the company. Finally, Robert W. Baird decreased their target price on Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating for the company in a research note on Tuesday, July 24th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $159.53.
In other news, Director Richard H. Lenny purchased 1,778 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were bought at an average cost of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.90% of the company’s stock.
Shares of Illinois Tool Works stock opened at $141.36 on Thursday. The stock has a market capitalization of $46.57 billion, a PE ratio of 21.45, a PEG ratio of 1.78 and a beta of 1.24. Illinois Tool Works Inc. has a one year low of $134.45 and a one year high of $179.07. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 EPS for the quarter, meeting analysts’ consensus estimates of $1.97. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.69 earnings per share. analysts predict that Illinois Tool Works Inc. will post 7.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.83%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date is Thursday, September 27th. Illinois Tool Works’s payout ratio is 47.34%.
Illinois Tool Works announced that its Board of Directors has approved a share repurchase plan on Friday, August 3rd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
About Illinois Tool Works
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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