State of Alaska Department of Revenue lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 4.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,313 shares of the industrial products company’s stock after acquiring an additional 2,505 shares during the period. State of Alaska Department of Revenue’s holdings in Illinois Tool Works were worth $10,079,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Intelligent Financial Strategies purchased a new position in Illinois Tool Works in the fourth quarter valued at approximately $37,000. Capital Advisory Group Advisory Services LLC purchased a new position in Illinois Tool Works in the first quarter valued at approximately $31,000. DeDora Capital Inc. purchased a new position in Illinois Tool Works in the first quarter valued at approximately $35,000. Lansing Street Advisors purchased a new position in Illinois Tool Works in the first quarter valued at approximately $34,000. Finally, Activest Wealth Management raised its holdings in Illinois Tool Works by 468.8% in the first quarter. Activest Wealth Management now owns 182 shares of the industrial products company’s stock valued at $38,000 after buying an additional 150 shares during the period. 79.68% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms recently commented on ITW. Bank of America restated a “neutral” rating and issued a $220.00 price target on shares of Illinois Tool Works in a report on Wednesday, August 24th. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $235.00 to $195.00 in a research note on Friday, July 15th. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $182.00 to $191.00 and gave the company an “underweight” rating in a research note on Wednesday, August 3rd. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $206.00 to $163.00 in a research note on Monday, July 18th. Finally, Credit Suisse Group lifted their price objective on shares of Illinois Tool Works from $225.00 to $229.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $202.00.
Illinois Tool Works Stock Down 0.4 %
Illinois Tool Works (NYSE:ITW – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $2.37 EPS for the quarter, topping analysts’ consensus estimates of $2.22 by $0.15. The firm had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 earnings per share. On average, equities research analysts predict that Illinois Tool Works Inc. will post 9.08 earnings per share for the current fiscal year.
Illinois Tool Works Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, September 29th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s payout ratio is currently 57.89%.
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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