NuWave Investment Management LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,307 shares of the industrial products company’s stock, valued at approximately $274,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in Illinois Tool Works during the 4th quarter valued at $5,647,000. Creative Financial Designs Inc. ADV raised its stake in Illinois Tool Works by 6.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,791 shares of the industrial products company’s stock valued at $442,000 after buying an additional 103 shares during the last quarter. KCM Investment Advisors LLC raised its stake in Illinois Tool Works by 1.2% during the 4th quarter. KCM Investment Advisors LLC now owns 14,967 shares of the industrial products company’s stock valued at $3,694,000 after buying an additional 182 shares during the last quarter. Savant Capital LLC raised its stake in Illinois Tool Works by 7.1% during the 4th quarter. Savant Capital LLC now owns 7,020 shares of the industrial products company’s stock valued at $1,732,000 after buying an additional 465 shares during the last quarter. Finally, Congress Wealth Management LLC DE purchased a new stake in Illinois Tool Works during the 4th quarter valued at $12,262,000. Institutional investors and hedge funds own 79.03% of the company’s stock.
A number of equities research analysts have weighed in on ITW shares. JPMorgan Chase & Co. upgraded shares of Illinois Tool Works from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $262.00 to $255.00 in a research note on Monday, March 28th. Morgan Stanley cut their price objective on shares of Illinois Tool Works from $187.00 to $182.00 and set an “underweight” rating for the company in a research report on Tuesday, May 31st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Illinois Tool Works from $236.00 to $226.00 and set a “hold” rating for the company in a research report on Thursday, April 14th. Stifel Nicolaus cut their price objective on shares of Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating for the company in a research report on Monday, April 18th. Finally, Barclays cut their price objective on shares of Illinois Tool Works from $192.00 to $180.00 and set an “underweight” rating for the company in a research report on Tuesday, May 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $230.55.
Illinois Tool Works (NYSE:ITW – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.04. Illinois Tool Works had a return on equity of 72.57% and a net margin of 18.08%. The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the business posted $2.11 EPS. Illinois Tool Works’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 9.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 14th. Stockholders of record on Thursday, June 30th will be given a dividend of $1.22 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 2.69%. Illinois Tool Works’s payout ratio is 57.34%.
In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $205.34, for a total transaction of $205,340.00. Following the completion of the transaction, the executive vice president now owns 7,803 shares in the company, valued at $1,602,268.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.78% of the company’s stock.
Illinois Tool Works Profile (Get Rating)
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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