Invesco LLC Acquires 2,991 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Invesco LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 99.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,984 shares of the industrial products company’s stock after acquiring an additional 2,991 shares during the period. Invesco LLC’s holdings in Illinois Tool Works were worth $1,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Legacy Advisors LLC increased its holdings in shares of Illinois Tool Works by 14.0% in the first quarter. Legacy Advisors LLC now owns 987 shares of the industrial products company’s stock valued at $246,000 after purchasing an additional 121 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Illinois Tool Works by 7.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 126,698 shares of the industrial products company’s stock worth $31,422,000 after buying an additional 8,424 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Illinois Tool Works by 2.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 17,357 shares of the industrial products company’s stock worth $4,305,000 after buying an additional 473 shares during the period. XML Financial LLC grew its stake in Illinois Tool Works by 8.4% in the 1st quarter. XML Financial LLC now owns 3,964 shares of the industrial products company’s stock valued at $983,000 after buying an additional 307 shares during the last quarter. Finally, Palumbo Wealth Management LLC raised its holdings in Illinois Tool Works by 23.0% in the 1st quarter. Palumbo Wealth Management LLC now owns 19,774 shares of the industrial products company’s stock valued at $4,904,000 after acquiring an additional 3,693 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director now owns 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ITW. Citigroup reduced their price objective on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a report on Wednesday, May 7th. Barclays decreased their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Evercore ISI dropped their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Finally, Robert W. Baird boosted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $253.42.

Illinois Tool Works Trading Up 1.5%

ITW opened at $244.33 on Tuesday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The company’s 50-day moving average is $242.55 and its 200 day moving average is $250.54. The firm has a market capitalization of $71.59 billion, a PE ratio of 21.49, a P/E/G ratio of 5.18 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $2.44 earnings per share. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.46%. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.