BlackRock Advisors LLC Purchases 71,196 Shares of Illinois Tool Works Inc. (ITW)
BlackRock Advisors LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 38.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 256,071 shares of the company’s stock after buying an additional 71,196 shares during the period. BlackRock Advisors LLC owned about 0.07% of Illinois Tool Works worth $26,672,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new stake in shares of Illinois Tool Works during the first quarter worth about $55,010,000. Silvercrest Asset Management Group LLC raised its stake in Illinois Tool Works by 4.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 8,288 shares of the company’s stock worth $849,000 after buying an additional 317 shares during the last quarter. National Pension Service raised its stake in Illinois Tool Works by 4.2% in the first quarter. National Pension Service now owns 193,174 shares of the company’s stock worth $19,789,000 after buying an additional 7,763 shares during the last quarter. Mitra Capital LLC purchased a new stake in Illinois Tool Works during the first quarter worth $6,423,000. Finally, Trust Department MB Financial Bank N A raised its stake in Illinois Tool Works by 15.3% in the second quarter. Trust Department MB Financial Bank N A now owns 12,293 shares of the company’s stock worth $1,128,000 after buying an additional 1,628 shares during the last quarter. 74.90% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 119.06 on Thursday. The stock has a market cap of $42.26 billion, a PE ratio of 22.17 and a beta of 1.15. The company’s 50-day moving average price is $118.41 and its 200-day moving average price is $108.60. Illinois Tool Works Inc. has a 52-week low of $79.15 and a 52-week high of $123.50.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.06. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The business earned $3.43 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts expect that Illinois Tool Works Inc. will post $5.63 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a yield of 2.18%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s payout ratio is currently 40.97%.
A number of research firms recently weighed in on ITW. Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Thursday, June 23rd. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Tuesday, June 21st. Deutsche Bank AG upped their target price on shares of Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday, July 15th. RBC Capital Markets reiterated a “sector perform” rating and issued a $104.00 price target (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Finally, Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $108.43.
In related news, insider Sundaram Nagarajan sold 4,560 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $119.50, for a total transaction of $544,920.00. Following the completion of the transaction, the insider now owns 24,777 shares in the company, valued at approximately $2,960,851.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Randall J. Scheuneman sold 15,641 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $114.21, for a total value of $1,786,358.61. Following the transaction, the vice president now owns 19,791 shares of the company’s stock, valued at approximately $2,260,330.11. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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