Private Advisor Group LLC increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 113.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,733 shares of the industrial products company’s stock after buying an additional 11,025 shares during the period. Private Advisor Group LLC’s holdings in Illinois Tool Works were worth $2,926,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in ITW. North Star Investment Management Corp. grew its holdings in Illinois Tool Works by 6.3% in the second quarter. North Star Investment Management Corp. now owns 6,085 shares of the industrial products company’s stock worth $843,000 after purchasing an additional 362 shares during the period. Signaturefd LLC grew its holdings in Illinois Tool Works by 17.0% in the second quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock worth $355,000 after purchasing an additional 372 shares during the period. Sky Investment Group LLC grew its holdings in Illinois Tool Works by 0.9% in the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock worth $6,270,000 after purchasing an additional 385 shares during the period. Fisher Asset Management LLC grew its holdings in Illinois Tool Works by 12.2% in the second quarter. Fisher Asset Management LLC now owns 3,635 shares of the industrial products company’s stock worth $504,000 after purchasing an additional 395 shares during the period. Finally, Woodstock Corp grew its holdings in Illinois Tool Works by 0.8% in the second quarter. Woodstock Corp now owns 48,433 shares of the industrial products company’s stock worth $6,710,000 after purchasing an additional 400 shares during the period. 76.56% of the stock is owned by institutional investors.
NYSE:ITW opened at $132.56 on Friday. Illinois Tool Works Inc. has a 52 week low of $119.38 and a 52 week high of $179.07. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. The company has a market cap of $44.40 billion, a PE ratio of 17.91, a PEG ratio of 1.78 and a beta of 1.26.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 EPS for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the company posted $1.71 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts predict that Illinois Tool Works Inc. will post 7.6 earnings per share for the current fiscal year.
Illinois Tool Works announced that its Board of Directors has initiated a stock buyback program on Friday, August 3rd that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Monday, December 31st will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 28th. Illinois Tool Works’s dividend payout ratio is currently 60.70%.
A number of equities research analysts have weighed in on the stock. ValuEngine upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Friday, July 20th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Monday, September 17th. Morgan Stanley initiated coverage on shares of Illinois Tool Works in a report on Monday, August 20th. They set an “equal weight” rating and a $146.00 price target on the stock. Credit Suisse Group cut their price target on shares of Illinois Tool Works from $166.00 to $146.00 and set a “neutral” rating on the stock in a report on Tuesday, July 24th. Finally, Goldman Sachs Group reiterated a “neutral” rating on shares of Illinois Tool Works in a report on Tuesday, July 24th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $150.18.
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Illinois Tool Works Company 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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