Kovack Advisors Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 84.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,228 shares of the industrial products company’s stock after buying an additional 1,478 shares during the period. Kovack Advisors Inc.’s holdings in Illinois Tool Works were worth $456,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. North Star Investment Management Corp. grew its stake in Illinois Tool Works by 6.3% during the second quarter. North Star Investment Management Corp. now owns 6,085 shares of the industrial products company’s stock worth $843,000 after purchasing an additional 362 shares during the period. Signaturefd LLC grew its stake in Illinois Tool Works by 17.0% during the second quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock worth $355,000 after purchasing an additional 372 shares during the period. Sky Investment Group LLC grew its stake in Illinois Tool Works by 0.9% during the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock worth $6,270,000 after purchasing an additional 385 shares during the period. Fisher Asset Management LLC grew its stake in Illinois Tool Works by 12.2% during the second quarter. Fisher Asset Management LLC now owns 3,635 shares of the industrial products company’s stock worth $504,000 after purchasing an additional 395 shares during the period. Finally, Woodstock Corp grew its stake in Illinois Tool Works by 0.8% during the second quarter. Woodstock Corp now owns 48,433 shares of the industrial products company’s stock worth $6,710,000 after purchasing an additional 400 shares during the period. 76.09% of the stock is owned by institutional investors.
Several equities research analysts recently commented on ITW shares. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Tuesday, September 11th. Morgan Stanley started coverage on Illinois Tool Works in a research note on Monday, August 20th. They set an “equal weight” rating and a $146.00 target price for the company. Wells Fargo & Co reaffirmed a “buy” rating and set a $160.00 target price (down previously from $170.00) on shares of Illinois Tool Works in a research note on Tuesday, July 24th. Goldman Sachs Group cut Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 target price for the company. in a research note on Monday, July 23rd. Finally, ValuEngine raised Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $159.53.
Shares of NYSE:ITW opened at $133.00 on Thursday. The company has a market capitalization of $47.33 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 1.81 and a beta of 1.22. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73. Illinois Tool Works Inc. has a 52-week low of $132.89 and a 52-week high of $179.07.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.97. The business had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.69 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 7.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $4.00 annualized dividend and a yield of 3.01%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio is presently 60.70%.
Illinois Tool Works declared that its Board of Directors has initiated a stock repurchase program on Friday, August 3rd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, Director Richard H. Lenny purchased 1,778 shares of the business’s stock in a transaction on Friday, July 27th. The shares were acquired at an average price of $140.85 per share, for a total transaction of $250,431.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.82% of the stock is currently owned by corporate insiders.
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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