Empower Advisory Group LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW – Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 403,072 shares of the industrial products company’s stock, valued at approximately $98,503,000.
Several other institutional investors also recently modified their holdings of the business. Flputnam Investment Management Co. increased its position in shares of Illinois Tool Works by 41.6% during the 1st quarter. Flputnam Investment Management Co. now owns 7,547 shares of the industrial products company’s stock valued at $1,837,000 after purchasing an additional 2,216 shares during the last quarter. One Capital Management LLC purchased a new stake in Illinois Tool Works during the first quarter worth about $249,000. Journey Advisory Group LLC raised its position in Illinois Tool Works by 6.5% in the first quarter. Journey Advisory Group LLC now owns 2,878 shares of the industrial products company’s stock worth $701,000 after acquiring an additional 175 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in Illinois Tool Works by 22.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,404 shares of the industrial products company’s stock valued at $4,967,000 after acquiring an additional 3,678 shares during the last quarter. Finally, White Pine Capital LLC grew its position in shares of Illinois Tool Works by 2.0% during the 1st quarter. White Pine Capital LLC now owns 7,832 shares of the industrial products company’s stock valued at $1,907,000 after acquiring an additional 153 shares during the period. 79.56% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently commented on ITW. Wells Fargo & Company upped their price objective on Illinois Tool Works from $235.00 to $240.00 in a research note on Monday, July 10th. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock a “hold” rating in a report on Wednesday, July 19th. Citigroup upped their price objective on shares of Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Credit Suisse Group lifted their target price on shares of Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Finally, Morgan Stanley upped their price target on shares of Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $237.18.
Illinois Tool Works Price Performance
NYSE ITW traded up $1.08 on Wednesday, hitting $238.59. The stock had a trading volume of 182,434 shares, compared to its average volume of 1,066,706. The firm has a 50-day moving average of $246.32 and a 200-day moving average of $238.69. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.11 and a current ratio of 1.59. Illinois Tool Works Inc. has a 52-week low of $180.27 and a 52-week high of $264.19. The company has a market capitalization of $72.15 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 4.25 and a beta of 1.15.
Illinois Tool Works (NYSE:ITW – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.39 by $0.02. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.14 billion. Illinois Tool Works had a return on equity of 94.14% and a net margin of 19.30%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.37 earnings per share. Equities analysts expect that Illinois Tool Works Inc. will post 9.74 EPS for the current year.
Illinois Tool Works Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be issued a dividend of $1.40 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.31. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.35%. Illinois Tool Works’s payout ratio is presently 55.39%.
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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