Pictet Asset Management Ltd. Increases Stake in Illinois Tool Works Inc. (ITW)
Pictet Asset Management Ltd. grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 26.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 249,791 shares of the industrial products company’s stock after acquiring an additional 52,200 shares during the period. Pictet Asset Management Ltd. owned 0.07% of Illinois Tool Works worth $36,959,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Omnia Family Wealth LLC increased its holdings 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 purchasing an additional 2 shares during the period. Harding Loevner LP acquired a new stake in Illinois Tool Works in the second quarter valued at $115,000. WFG Advisors LP increased its holdings in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 161 shares during the period. Salem Investment Counselors Inc. increased its holdings in Illinois Tool Works by 1.9% in the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock valued at $129,000 after purchasing an additional 17 shares during the period. Finally, Atlantic Trust LLC acquired a new stake in Illinois Tool Works in the second quarter valued at $139,000. Institutional investors own 75.01% of the company’s stock.
A number of analysts recently weighed in on the company. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Stifel Nicolaus restated a “hold” rating and issued a $147.00 price objective on shares of Illinois Tool Works in a report on Wednesday, August 16th. Morgan Stanley reiterated an “equal weight” rating and set a $147.00 price target (up from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. Robert W. Baird set a $145.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, August 24th. Finally, BidaskClub downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. Illinois Tool Works has a consensus rating of “Hold” and an average target price of $157.27.
In related news, insider Steven L. Martindale sold 64,818 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total value of $10,188,741.42. Following the transaction, the insider now owns 95,328 shares of the company’s stock, valued at approximately $14,984,608.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Norman D. Jr. Finch purchased 4,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was acquired at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the transaction, the vice president now owns 4,371 shares in the company, valued at approximately $683,362.14. The disclosure for this purchase can be found here. Insiders have sold a total of 126,506 shares of company stock worth $19,801,832 in the last three months. Insiders own 0.90% of the company’s stock.
Illinois Tool Works Inc. (ITW) opened at $157.14 on Friday. The stock has a market cap of $53,836.01, a PE ratio of 24.94, a PEG ratio of 2.35 and a beta of 1.16. The company has a current ratio of 2.41, a quick ratio of 1.98 and a debt-to-equity ratio of 1.48. Illinois Tool Works Inc. has a 1 year low of $120.06 and a 1 year high of $159.36.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.20. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 EPS. research analysts forecast that Illinois Tool Works Inc. will post 6.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.99%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.78%.
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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