Meiji Yasuda Life Insurance Co boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 32.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,870 shares of the industrial products company’s stock after buying an additional 710 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Illinois Tool Works were worth $380,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $491,423,000. HPM Partners LLC purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $95,987,000. Wells Fargo & Company MN boosted its stake in shares of Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after buying an additional 308,538 shares during the last quarter. Swiss National Bank boosted its stake in shares of Illinois Tool Works by 25.6% in the first quarter. Swiss National Bank now owns 1,119,306 shares of the industrial products company’s stock valued at $148,274,000 after buying an additional 228,400 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $27,275,000. 74.77% of the stock is owned by institutional investors and hedge funds.
Illinois Tool Works Inc. (NYSE:ITW) traded down 0.23% during mid-day trading on Tuesday, reaching $141.34. 1,009,569 shares of the company’s stock were exchanged. Illinois Tool Works Inc. has a one year low of $111.50 and a one year high of $150.29. The firm has a market capitalization of $48.72 billion, a P/E ratio of 22.87 and a beta of 1.11. The company’s 50-day moving average is $144.54 and its 200 day moving average is $136.84.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. Equities analysts predict that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be paid a dividend of $0.78 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.12 annualized dividend and a yield of 2.21%. Illinois Tool Works’s payout ratio is presently 42.07%.
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ITW has been the subject of several analyst reports. Goldman Sachs Group, Inc. (The) raised shares of Illinois Tool Works from a “sell” rating to a “buy” rating and increased their price target for the company from $131.00 to $155.00 in a research report on Thursday, June 1st. Morgan Stanley restated an “equal weight” rating and issued a $140.00 price objective (up from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. Credit Suisse Group set a $135.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Wednesday, April 12th. Deutsche Bank AG restated a “buy” rating and issued a $160.00 price objective (up from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. Finally, Barclays PLC upped their price objective on shares of Illinois Tool Works from $123.00 to $130.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $152.67.
In other Illinois Tool Works news, CEO Ernest Scott Santi sold 101,297 shares of Illinois Tool Works stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the transaction, the chief executive officer now owns 191,142 shares of the company’s stock, valued at $26,383,330.26. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John R. Hartnett sold 11,750 shares of Illinois Tool Works stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the transaction, the insider now directly owns 23,839 shares in the company, valued at approximately $3,455,701.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,961 shares of company stock valued at $28,311,650. 0.90% of the stock is owned by company insiders.
Illinois Tool Works Company Profile
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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