Legacy Private Trust Co. increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,040 shares of the industrial products company’s stock after buying an additional 240 shares during the quarter. Legacy Private Trust Co.’s holdings in Illinois Tool Works were worth $722,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of ITW. Adviser Investments LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth approximately $1,283,000. Baystate Wealth Management LLC lifted its position in shares of Illinois Tool Works by 23.3% during the 1st quarter. Baystate Wealth Management LLC now owns 1,391 shares of the industrial products company’s stock worth $182,000 after buying an additional 263 shares during the period. Sawgrass Asset Management LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth approximately $25,709,000. Janney Montgomery Scott LLC lifted its position in shares of Illinois Tool Works by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 56,231 shares of the industrial products company’s stock worth $7,449,000 after buying an additional 3,309 shares during the period. Finally, Janney Capital Management LLC lifted its position in shares of Illinois Tool Works by 7.8% during the 1st quarter. Janney Capital Management LLC now owns 1,952 shares of the industrial products company’s stock worth $258,000 after buying an additional 141 shares during the period. Institutional investors and hedge funds own 74.77% of the company’s stock.
Several research firms recently commented on ITW. BMO Capital Markets restated a “buy” rating and set a $160.00 target price on shares of Illinois Tool Works in a research report on Thursday, July 20th. Morgan Stanley restated an “equal weight” rating and set a $140.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a research report on Monday, July 10th. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 target price for the company in a research report on Wednesday, July 12th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $147.00 price objective on shares of Illinois Tool Works in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $150.64.
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Shares of Illinois Tool Works Inc. (NYSE ITW) opened at 147.40 on Friday. Illinois Tool Works Inc. has a 1-year low of $111.50 and a 1-year high of $150.29. The firm has a market capitalization of $50.73 billion, a PE ratio of 23.85 and a beta of 1.11. The stock has a 50 day moving average price of $139.67 and a 200 day moving average price of $139.40.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the company earned $1.46 EPS. Illinois Tool Works’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post $6.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.12%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is presently 42.07%.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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