Jaffetilchin Investment Partners LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,426 shares of the industrial products company’s stock, valued at approximately $201,000.
Other hedge funds have also bought and sold shares of the company. State Treasurer State of Michigan boosted its holdings in shares of Illinois Tool Works by 150.8% during the second quarter. State Treasurer State of Michigan now owns 226,997 shares of the industrial products company’s stock worth $31,448,000 after purchasing an additional 136,500 shares during the last quarter. FDx Advisors Inc. boosted its holdings in shares of Illinois Tool Works by 35.3% during the second quarter. FDx Advisors Inc. now owns 10,410 shares of the industrial products company’s stock worth $1,442,000 after purchasing an additional 2,717 shares during the last quarter. Stephens Inc. AR boosted its holdings in shares of Illinois Tool Works by 8.4% during the second quarter. Stephens Inc. AR now owns 52,327 shares of the industrial products company’s stock worth $7,249,000 after purchasing an additional 4,038 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Illinois Tool Works by 2.7% during the second quarter. Swiss National Bank now owns 1,016,206 shares of the industrial products company’s stock worth $140,785,000 after purchasing an additional 26,900 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Illinois Tool Works by 6.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 995,437 shares of the industrial products company’s stock worth $137,908,000 after purchasing an additional 56,096 shares during the last quarter. Institutional investors and hedge funds own 76.09% of the company’s stock.
Shares of ITW opened at $141.01 on Monday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73. The firm has a market capitalization of $47.33 billion, a P/E ratio of 21.40, a PEG 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.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, hitting the consensus estimate of $1.97. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The business had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same period last year, the company posted $1.69 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 7.63 EPS for the current year.
Illinois Tool Works declared that its board has approved a stock repurchase plan on Friday, August 3rd that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th will be given a $1.00 dividend. The ex-dividend date is Thursday, September 27th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. This represents a $4.00 annualized dividend and a yield of 2.84%. Illinois Tool Works’s dividend payout ratio (DPR) is 60.70%.
In related news, Director Richard H. Lenny acquired 1,778 shares of the business’s stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $140.85 per share, with a total value of $250,431.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.82% of the company’s stock.
Several equities research analysts have recently issued reports on ITW shares. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Tuesday, September 11th. Morgan Stanley began coverage on Illinois Tool Works in a research report on Monday, August 20th. They issued an “equal weight” rating and a $146.00 target price on the stock. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 target price (down from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Goldman Sachs Group lowered Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 target price on the stock. in a research report on Monday, July 23rd. Finally, ValuEngine raised Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $159.53.
About Illinois Tool Works
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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