Aberdeen Group plc Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Aberdeen Group plc lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 118.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 223,227 shares of the industrial products company’s stock after buying an additional 121,141 shares during the quarter. Aberdeen Group plc owned approximately 0.08% of Illinois Tool Works worth $54,789,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at $26,000. Park Square Financial Group LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $35,000. Olde Wealth Management LLC purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at $49,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Illinois Tool Works by 167.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 211 shares of the industrial products company’s stock valued at $52,000 after buying an additional 132 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $258.43 on Friday. The firm has a market capitalization of $75.33 billion, a P/E ratio of 22.65, a P/E/G ratio of 5.66 and a beta of 1.09. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The business’s 50-day simple moving average is $253.84 and its 200-day simple moving average is $250.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.54 earnings per share. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a yield of 2.5%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.59%.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent research reports. Evercore ISI cut their price target on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a report on Monday, May 19th. UBS Group upped their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a report on Wednesday, May 7th. Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Finally, Robert W. Baird upped their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $259.33.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director directly owned 122,884 shares of the company’s stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by corporate insiders.

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.