Signaturefd LLC Has $355,000 Holdings in Illinois Tool Works Inc. (ITW)
Signaturefd LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 17.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,564 shares of the industrial products company’s stock after acquiring an additional 372 shares during the quarter. Signaturefd LLC’s holdings in Illinois Tool Works were worth $355,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Illinois Tool Works by 4.3% in the first quarter. BlackRock Inc. now owns 21,382,129 shares of the industrial products company’s stock worth $3,349,722,000 after acquiring an additional 874,197 shares in the last quarter. Northern Trust Corp boosted its holdings in Illinois Tool Works by 0.3% in the first quarter. Northern Trust Corp now owns 15,232,668 shares of the industrial products company’s stock worth $2,386,349,000 after acquiring an additional 40,022 shares in the last quarter. Bank of America Corp DE boosted its holdings in Illinois Tool Works by 1.6% in the second quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock worth $813,935,000 after acquiring an additional 93,269 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Illinois Tool Works by 8.0% in the first quarter. JPMorgan Chase & Co. now owns 5,834,431 shares of the industrial products company’s stock worth $914,023,000 after acquiring an additional 431,414 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Illinois Tool Works by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock worth $550,369,000 after acquiring an additional 44,036 shares in the last quarter. 76.13% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on ITW. Robert W. Baird dropped their target price on Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating on the stock in a report on Tuesday, July 24th. MED downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a report on Thursday, July 12th. Zacks Investment Research raised 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 Wednesday, June 27th. Citigroup set a $166.00 price target on Illinois Tool Works and gave the company a “buy” rating in a report on Tuesday, July 24th. Finally, ValuEngine raised Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Tuesday, September 4th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $159.53.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.97. The firm had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 earnings per share. research analysts predict that Illinois Tool Works Inc. will post 7.64 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Thursday, September 27th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio is 47.34%.
Illinois Tool Works announced that its board has approved a share repurchase plan on Friday, August 3rd that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
In other news, Director Richard H. Lenny acquired 1,778 shares of Illinois Tool Works stock in a transaction that occurred on Friday, July 27th. The stock was bought at an average price of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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