TD Asset Management Inc. lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 228,457 shares of the industrial products company’s stock after selling 7,062 shares during the quarter. TD Asset Management Inc. owned 0.07% of Illinois Tool Works worth $32,239,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CX Institutional bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $101,000. Kaizen Advisory LLC lifted its position in shares of Illinois Tool Works by 151.0% in the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 450 shares during the period. Capital Advisors Ltd. LLC lifted its position in shares of Illinois Tool Works by 220.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 797 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 548 shares during the period. Sun Life Financial INC lifted its position in shares of Illinois Tool Works by 277.2% in the 2nd quarter. Sun Life Financial INC now owns 826 shares of the industrial products company’s stock worth $114,000 after acquiring an additional 607 shares during the period. Finally, Fort L.P. bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $117,000. 76.56% of the stock is currently owned by hedge funds and other institutional investors.
Illinois Tool Works stock opened at $132.56 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.62 and a debt-to-equity ratio of 1.71. The company has a market cap of $44.40 billion, a P/E ratio of 20.12, a P/E/G ratio of 1.78 and a beta of 1.26. Illinois Tool Works Inc. has a one year low of $119.38 and a one year high of $179.07.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $1.71 EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts forecast 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 initiated a stock buyback plan on Friday, August 3rd that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the industrial products company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board 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 given a $1.00 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $4.00 annualized dividend and a yield of 3.02%. Illinois Tool Works’s payout ratio is 60.70%.
A number of brokerages have commented on ITW. Wells Fargo & Co reiterated a “buy” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Robert W. Baird set a $130.00 target price on Illinois Tool Works and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Goldman Sachs Group restated a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Zacks Investment Research upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, ValuEngine upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Two research 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. The stock currently has a consensus rating of “Hold” and an average price target of $150.18.
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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