Canandaigua National Bank & Trust Co. increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 29.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,624 shares of the industrial products company’s stock after purchasing an additional 1,271 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Illinois Tool Works were worth $794,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in ITW. Factory Mutual Insurance Co. grew its stake in Illinois Tool Works by 2.2% during the third quarter. Factory Mutual Insurance Co. now owns 308,600 shares of the industrial products company’s stock valued at $43,550,000 after acquiring an additional 6,700 shares in the last quarter. State Treasurer State of Michigan grew its stake in 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 valued at $31,448,000 after acquiring an additional 136,500 shares in the last quarter. Spearhead Capital Advisors LLC grew its stake in Illinois Tool Works by 4.5% during the third quarter. Spearhead Capital Advisors LLC now owns 22,083 shares of the industrial products company’s stock valued at $3,106,000 after acquiring an additional 955 shares in the last quarter. Stephens Inc. AR grew its stake in Illinois Tool Works by 8.4% during the second quarter. Stephens Inc. AR now owns 52,327 shares of the industrial products company’s stock valued at $7,249,000 after acquiring an additional 4,038 shares in the last quarter. Finally, FDx Advisors Inc. grew its stake in Illinois Tool Works by 35.3% during the second quarter. FDx Advisors Inc. now owns 10,410 shares of the industrial products company’s stock valued at $1,442,000 after acquiring an additional 2,717 shares in the last quarter. Hedge funds and other institutional investors own 76.56% of the company’s stock.
Several research firms recently weighed in on ITW. ValuEngine raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Zacks Investment Research raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. Deutsche Bank set a $152.00 target price on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 12th. MED cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 target price for the company. in a research note on Thursday, July 12th. Finally, Morgan Stanley began coverage on shares of Illinois Tool Works in a research note on Monday, August 20th. They set an “equal weight” rating and a $146.00 target price for the company. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $150.18.
Shares of NYSE:ITW opened at $131.70 on Wednesday. Illinois Tool Works Inc. has a 52 week low of $119.38 and a 52 week high of $179.07. The firm has a market capitalization of $43.83 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.74 and a beta of 1.26. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company posted $1.71 EPS. The business’s revenue was down .1% on a year-over-year basis. As a group, research analysts expect that Illinois Tool Works Inc. will post 7.6 EPS for the current fiscal year.
Illinois Tool Works declared that its Board of Directors has approved a share repurchase program on Friday, August 3rd that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 10th. Shareholders of record on Monday, December 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.04%. Illinois Tool Works’s payout ratio is currently 60.70%.
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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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