Citigroup Inc. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 43.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 354,245 shares of the industrial products company’s stock after purchasing an additional 107,798 shares during the period. Citigroup Inc. owned about 0.12% of Illinois Tool Works worth $88,618,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. GoalVest Advisory LLC purchased a new position in Illinois Tool Works in the second quarter valued at about $25,000. Northwest Capital Management Inc purchased a new position in Illinois Tool Works in the second quarter valued at approximately $28,000. Miller Wealth Advisors LLC bought a new position in Illinois Tool Works during the second quarter valued at $31,000. Quarry LP increased its position in Illinois Tool Works by 52.7% in the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after buying an additional 49 shares during the last quarter. Finally, Steward Financial Group LLC bought a new stake in shares of Illinois Tool Works in the second quarter valued at $39,000. 79.56% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on ITW. Wells Fargo & Company cut their price target on Illinois Tool Works from $250.00 to $235.00 in a research note on Monday, October 9th. Citigroup boosted their price target on shares of Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. StockNews.com began coverage on shares of Illinois Tool Works in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Stifel Nicolaus increased their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Finally, Morgan Stanley lifted their price target on Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a research report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $238.25.
Illinois Tool Works Stock Up 0.5 %
Shares of NYSE ITW opened at $237.52 on Thursday. The business has a 50-day moving average of $231.85 and a 200-day moving average of $237.76. The firm has a market capitalization of $71.47 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 4.45 and a beta of 1.14. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 2.27. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $264.19.
Illinois Tool Works (NYSE:ITW – Get Free Report) last released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.09. Illinois Tool Works had a net margin of 19.55% and a return on equity of 95.68%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the previous year, the company earned $2.35 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts expect that Illinois Tool Works Inc. will post 9.68 earnings per share for the current fiscal year.
Illinois Tool Works Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 11th. Stockholders of record on Friday, December 29th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s payout ratio is currently 54.32%.
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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