Illinois Tool Works Inc. (NYSE:ITW) Holdings Lifted by Westpac Banking Corp

Westpac Banking Corp grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 19.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,265 shares of the industrial products company’s stock after purchasing an additional 6,400 shares during the period. Westpac Banking Corp’s holdings in Illinois Tool Works were worth $7,586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ITW. Rosenberg Matthew Hamilton bought a new position in Illinois Tool Works in the 2nd quarter worth about $27,000. Coastal Capital Group Inc. bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $28,000. Knuff & Co LLC bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $31,000. Old North State Trust LLC bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $37,000. Finally, Evolution Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 166.2% in the third quarter. Evolution Wealth Advisors LLC now owns 189 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 78.12% of the company’s stock.

Shares of NYSE:ITW opened at $203.84 on Friday. The company has a debt-to-equity ratio of 2.81, a quick ratio of 1.92 and a current ratio of 2.37. The company has a market cap of $64.52 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 4.46 and a beta of 1.12. Illinois Tool Works Inc. has a 52 week low of $115.94 and a 52 week high of $224.69. The firm has a 50 day simple moving average of $203.84 and a 200 day simple moving average of $186.79.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, October 23rd. The industrial products company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.38. The business had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $2.94 billion. Illinois Tool Works had a net margin of 16.77% and a return on equity of 80.95%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.04 EPS. On average, equities analysts predict that Illinois Tool Works Inc. will post 6.41 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Investors of record on Thursday, December 31st will be given a $1.14 dividend. The ex-dividend date is Wednesday, December 30th. This represents a $4.56 annualized dividend and a dividend yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.84%.

Several research analysts have recently issued reports on the stock. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $175.00 to $212.00 in a report on Thursday, October 29th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $194.00 to $195.00 and gave the company a “hold” rating in a report on Monday, October 26th. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $220.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Credit Suisse Group increased their price objective on shares of Illinois Tool Works from $174.00 to $195.00 in a report on Monday, August 3rd. Finally, Morgan Stanley increased their price objective on shares of Illinois Tool Works from $167.00 to $176.00 and gave the company an “underweight” rating in a report on Monday, October 26th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $184.00.

Illinois Tool Works 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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