Mirae Asset Global Investments Co. Ltd. Buys 4,656 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 113,597 shares of the industrial products company’s stock after acquiring an additional 4,656 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $29,756,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ITW. Rockline Wealth Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter valued at about $4,180,000. Wesbanco Bank Inc. boosted its stake in shares of Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 1,152 shares during the last quarter. Ziegler Capital Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter valued at about $224,000. DNB Asset Management AS boosted its stake in shares of Illinois Tool Works by 8.0% in the 4th quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company’s stock valued at $35,506,000 after purchasing an additional 10,062 shares during the last quarter. Finally, BKM Wealth Management LLC bought a new position in shares of Illinois Tool Works in the 4th quarter valued at about $1,770,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $262.04 on Tuesday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The firm’s 50 day moving average price is $261.04 and its two-hundred day moving average price is $249.65. The firm has a market cap of $78.28 billion, a P/E ratio of 26.90, a PEG ratio of 3.87 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm posted $2.34 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insider Transactions at Illinois Tool Works

In other news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 over the last 90 days. 1.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a report on Tuesday, January 23rd. Barclays boosted their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $247.40.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.