Griffin Asset Management Inc. increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,129 shares of the industrial products company’s stock after buying an additional 870 shares during the quarter. Griffin Asset Management Inc.’s holdings in Illinois Tool Works were worth $4,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in ITW. HPM Partners LLC grew its stake in Illinois Tool Works by 22.6% during the 2nd quarter. HPM Partners LLC now owns 306,699 shares of the industrial products company’s stock valued at $42,490,000 after purchasing an additional 56,596 shares during the last quarter. Cozad Asset Management Inc. purchased a new stake in Illinois Tool Works during the 2nd quarter valued at about $705,000. Moneta Group Investment Advisors LLC grew its stake in Illinois Tool Works by 2,553.1% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 129,576 shares of the industrial products company’s stock valued at $835,000 after purchasing an additional 124,692 shares during the last quarter. Centaurus Financial Inc. grew its stake in Illinois Tool Works by 84.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,722 shares of the industrial products company’s stock valued at $239,000 after purchasing an additional 787 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in Illinois Tool Works by 4.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 63,682 shares of the industrial products company’s stock valued at $8,823,000 after purchasing an additional 2,751 shares during the last quarter. Hedge funds and other institutional investors own 76.09% of the company’s stock.
ITW has been the topic of several research analyst reports. ValuEngine downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Wolfe Research initiated coverage on Illinois Tool Works in a research note on Wednesday, June 27th. They set an “underperform” rating on the stock. Wells Fargo & Co reiterated a “buy” rating and set a $160.00 price target (down previously from $170.00) on shares of Illinois Tool Works in a research note on Tuesday, July 24th. Morgan Stanley initiated coverage on Illinois Tool Works in a research note on Monday, August 20th. They set an “equal weight” rating and a $146.00 price target on the stock. Finally, Royal Bank of Canada dropped their price target on Illinois Tool Works to $150.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $159.53.
In other Illinois Tool Works news, Director Richard H. Lenny purchased 1,778 shares of Illinois Tool Works stock in a transaction that occurred on Friday, July 27th. The stock was bought at an average price of $140.85 per share, with a total value of $250,431.30. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.82% of the company’s stock.
Shares of ITW stock traded down $2.50 on Friday, hitting $141.01. The company had a trading volume of 1,551,329 shares, compared to its average volume of 1,543,384. The stock has a market cap of $47.33 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.81 and a beta of 1.22. Illinois Tool Works Inc. has a twelve month low of $134.45 and a twelve month high of $179.07. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.97. The company had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. Illinois Tool Works’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.69 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 7.63 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be issued a $1.00 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date is Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a yield of 2.84%. Illinois Tool Works’s dividend payout ratio is presently 60.70%.
Illinois Tool Works declared that its board has authorized a share repurchase program on Friday, August 3rd that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the industrial products company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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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