Piscataqua Savings Bank bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,250 shares of the industrial products company’s stock, valued at approximately $277,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new stake in Illinois Tool Works in the fourth quarter valued at $711,314,000. Renaissance Technologies LLC boosted its position in shares of Illinois Tool Works by 464.1% in the 4th quarter. Renaissance Technologies LLC now owns 271,900 shares of the industrial products company’s stock worth $55,435,000 after purchasing an additional 223,700 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Illinois Tool Works by 2.9% in the fourth quarter. Wells Fargo & Company MN now owns 7,578,570 shares of the industrial products company’s stock worth $1,545,120,000 after acquiring an additional 214,462 shares in the last quarter. Mechanics Bank Trust Department increased its holdings in shares of Illinois Tool Works by 5,877.0% during the fourth quarter. Mechanics Bank Trust Department now owns 217,322 shares of the industrial products company’s stock valued at $777,000 after acquiring an additional 213,686 shares in the last quarter. Finally, Flossbach Von Storch AG raised its position in shares of Illinois Tool Works by 10.3% in the 4th quarter. Flossbach Von Storch AG now owns 2,192,565 shares of the industrial products company’s stock worth $447,020,000 after purchasing an additional 204,018 shares during the last quarter. 77.44% of the stock is currently owned by institutional investors.
In related news, CEO Ernest Scott Santi sold 1,231 shares of the company’s stock in a transaction on Thursday, February 11th. The shares were sold at an average price of $205.37, for a total value of $252,810.47. Following the completion of the transaction, the chief executive officer now owns 295,172 shares of the company’s stock, valued at approximately $60,619,473.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Norman D. Jr. Finch sold 7,232 shares of the stock in a transaction on Monday, February 8th. The stock was sold at an average price of $203.00, for a total value of $1,468,096.00. 0.79% of the stock is owned by insiders.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 4th. The industrial products company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.23. Illinois Tool Works had a net margin of 16.77% and a return on equity of 80.95%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the previous year, the firm posted $1.87 EPS. The company’s revenue for the quarter was up .2% compared to the same quarter last year. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 6.42 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 14th. Stockholders of record on Wednesday, March 31st were paid a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Tuesday, March 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 58.84%.
Several research analysts have issued reports on ITW shares. JPMorgan Chase & Co. lifted their target price on shares of Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Robert W. Baird restated a “hold” rating on shares of Illinois Tool Works in a report on Tuesday, February 23rd. Vertical Research raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, January 4th. Credit Suisse Group raised Illinois Tool Works from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $209.00 to $235.00 in a report on Tuesday, January 12th. Finally, The Goldman Sachs Group raised Illinois Tool Works from a “sell” rating to a “neutral” rating and increased their price objective for the company from $195.00 to $217.00 in a research report on Tuesday, January 19th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $208.76.
Illinois Tool Works Company 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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