Northwestern Mutual Wealth Management Co. Acquires 2,547 Shares of Illinois Tool Works Inc. (ITW)
Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,299 shares of the industrial products company’s stock after purchasing an additional 2,547 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Illinois Tool Works were worth $2,908,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Omnia Family Wealth LLC increased its stake in Illinois Tool Works by 0.3% in the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 2 shares during the last quarter. TrimTabs Asset Management LLC increased its stake in Illinois Tool Works by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 416 shares during the last quarter. Washington Trust Bank increased its stake in Illinois Tool Works by 1.1% in the second quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock valued at $140,000 after acquiring an additional 11 shares during the last quarter. FNY Partners Fund LP bought a new position in Illinois Tool Works in the first quarter valued at approximately $132,000. Finally, Dubuque Bank & Trust Co. increased its stake in Illinois Tool Works by 56.0% in the second quarter. Dubuque Bank & Trust Co. now owns 1,022 shares of the industrial products company’s stock valued at $146,000 after acquiring an additional 367 shares during the last quarter. 74.79% of the stock is currently owned by institutional investors.
In other news, insider John R. Hartnett sold 6,533 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.90% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on ITW. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price objective (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. BidaskClub cut shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price objective on the stock in a research note on Wednesday, July 12th. Citigroup Inc. reissued a “buy” rating and issued a $162.00 price objective on shares of Illinois Tool Works in a research note on Tuesday, September 26th. Finally, J P Morgan Chase & Co cut shares of Illinois Tool Works from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $141.00 to $132.00 in a research note on Thursday, August 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $152.71.
Shares of Illinois Tool Works Inc. (NYSE ITW) opened at 152.82 on Friday. The company has a market cap of $52.59 billion, a PE ratio of 24.73 and a beta of 1.12. The firm’s 50 day moving average is $145.15 and its 200-day moving average is $141.34. Illinois Tool Works Inc. has a 1-year low of $111.50 and a 1-year high of $154.38.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates 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 revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. Equities analysts expect that Illinois Tool Works Inc. will post $6.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were issued a $0.78 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.04%. Illinois Tool Works’s dividend payout ratio is presently 50.49%.
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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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