Woodstock Corp increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 48,433 shares of the industrial products company’s stock after purchasing an additional 400 shares during the period. Woodstock Corp’s holdings in Illinois Tool Works were worth $6,710,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of ITW. OppenheimerFunds Inc. increased its position in Illinois Tool Works by 8,692.7% in the 1st quarter. OppenheimerFunds Inc. now owns 1,234,588 shares of the industrial products company’s stock valued at $193,410,000 after acquiring an additional 1,220,547 shares during the period. BlackRock Inc. increased its position in Illinois Tool Works by 4.3% during the 1st quarter. BlackRock Inc. now owns 21,382,129 shares of the industrial products company’s stock worth $3,349,722,000 after purchasing an additional 874,197 shares during the period. JPMorgan Chase & Co. increased its position in Illinois Tool Works by 8.0% during the 1st quarter. JPMorgan Chase & Co. now owns 5,834,431 shares of the industrial products company’s stock worth $914,023,000 after purchasing an additional 431,414 shares during the period. Millennium Management LLC increased its position in Illinois Tool Works by 786.2% during the 1st quarter. Millennium Management LLC now owns 427,605 shares of the industrial products company’s stock worth $66,989,000 after purchasing an additional 379,356 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in Illinois Tool Works by 5.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,528,000 shares of the industrial products company’s stock worth $866,016,000 after purchasing an additional 298,220 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.
Shares of Illinois Tool Works stock opened at $137.30 on Wednesday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.73 and a quick ratio of 1.35. The stock has a market cap of $45.77 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 1.75 and a beta of 1.25. Illinois Tool Works Inc. has a 1-year low of $134.66 and a 1-year high of $179.07.
Illinois Tool Works declared that its Board of Directors has initiated a share buyback program on Friday, August 3rd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be given a dividend of $1.00 per share. 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 annualized dividend and a dividend yield of 2.91%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.34%.
In related news, Director Richard H. Lenny purchased 1,778 shares of Illinois Tool Works stock in a transaction dated Friday, July 27th. The shares were acquired at an average price 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 accessible through this hyperlink. Company insiders own 0.82% of the company’s stock.
A number of equities research analysts recently weighed in on ITW shares. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 price target on the stock in a report on Wednesday, June 27th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 target price (down previously from $170.00) on shares of Illinois Tool Works in a research note on Tuesday, July 24th. Citigroup set a $166.00 target price on Illinois Tool Works and gave the company a “buy” rating in a research note on Tuesday, July 24th. ValuEngine raised Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Finally, Deutsche Bank set a $152.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Thursday, July 12th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $159.82.
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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