Bank of America Corp DE Acquires 95,995 Shares of Illinois Tool Works Inc. (ITW)
Bank of America Corp DE raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.6% during the first quarter, Holdings Channel reports. The fund owned 2,762,044 shares of the industrial products company’s stock after buying an additional 95,995 shares during the period. Bank of America Corp DE’s holdings in Illinois Tool Works were worth $365,889,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of ITW. Weiss Multi Strategy Advisers LLC acquired a new stake in Illinois Tool Works during the first quarter valued at approximately $1,453,000. Oppenheimer Asset Management Inc. acquired a new stake in Illinois Tool Works during the first quarter valued at approximately $4,442,000. Oppenheimer & Co. Inc. raised its stake in Illinois Tool Works by 6.9% in the first quarter. Oppenheimer & Co. Inc. now owns 7,983 shares of the industrial products company’s stock valued at $1,058,000 after buying an additional 516 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in Illinois Tool Works by 14.1% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,447 shares of the industrial products company’s stock valued at $192,000 after buying an additional 179 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Illinois Tool Works by 1.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,049,215 shares of the industrial products company’s stock valued at $138,990,000 after buying an additional 14,974 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors.
Illinois Tool Works Inc. (NYSE:ITW) traded down 1.61% on Thursday, hitting $138.46. 331,010 shares of the company traded hands. Illinois Tool Works Inc. has a 12 month low of $111.50 and a 12 month high of $150.29. The stock has a market cap of $47.65 billion, a PE ratio of 22.40 and a beta of 1.11. The stock’s 50-day moving average is $143.83 and its 200 day moving average is $137.32.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Equities research analysts expect that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be issued a $0.78 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s payout ratio is presently 42.07%.
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Several research firms have commented on ITW. BidaskClub lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Zacks Investment Research raised shares of 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 Tuesday, August 1st. Credit Suisse Group set a $141.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Tuesday, July 25th. Northcoast Research reaffirmed a “neutral” rating on shares of Illinois Tool Works in a report on Tuesday, July 25th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $136.00 price target (down from $140.00) on shares of Illinois Tool Works in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $152.67.
In related news, insider John R. Hartnett sold 11,750 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $144.96, for a total transaction of $1,703,280.00. Following the sale, the insider now owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ernest Scott Santi sold 101,297 shares of the business’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the sale, the chief executive officer now directly owns 191,142 shares in the company, valued at approximately $26,383,330.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,961 shares of company stock worth $28,311,650. Insiders own 0.90% of the company’s stock.
Illinois Tool Works Company Profile
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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