InterOcean Capital Group LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 947 shares of the industrial products company’s stock, valued at approximately $210,000.
Several other large investors have also made changes to their positions in ITW. Advisory Research Inc. purchased a new stake in Illinois Tool Works during the first quarter valued at about $1,515,000. McIlrath & Eck LLC raised its stake in Illinois Tool Works by 556.0% during the first quarter. McIlrath & Eck LLC now owns 328 shares of the industrial products company’s stock valued at $73,000 after buying an additional 278 shares in the last quarter. Elo Mutual Pension Insurance Co grew its holdings in shares of Illinois Tool Works by 1.6% during the first quarter. Elo Mutual Pension Insurance Co now owns 22,835 shares of the industrial products company’s stock valued at $5,058,000 after purchasing an additional 357 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Illinois Tool Works by 47.4% during the first quarter. Mercer Global Advisors Inc. ADV now owns 14,751 shares of the industrial products company’s stock valued at $3,268,000 after purchasing an additional 4,745 shares during the last quarter. Finally, Mid Atlantic Financial Management Inc. ADV grew its holdings in Illinois Tool Works by 3.1% in the 1st quarter. Mid Atlantic Financial Management Inc. ADV now owns 3,651 shares of the industrial products company’s stock worth $809,000 after buying an additional 109 shares in the last quarter. 77.80% of the stock is owned by institutional investors and hedge funds.
ITW has been the subject of a number of research reports. BMO Capital Markets increased their price target on Illinois Tool Works from $225.00 to $235.00 and gave the company a “market perform” rating in a research note on Monday, May 3rd. Credit Suisse Group increased their target price on Illinois Tool Works from $242.00 to $261.00 and gave the company an “outperform” rating in a report on Monday, May 3rd. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Robert W. Baird increased their target price on shares of Illinois Tool Works from $214.00 to $229.00 and gave the stock a “neutral” rating in a research report on Friday, April 30th. Finally, Barclays downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $240.00 to $220.00 in a research report on Wednesday, May 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $224.73.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Friday, April 30th. The industrial products company reported $2.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.21. The business had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $3.43 billion. Illinois Tool Works had a net margin of 17.18% and a return on equity of 78.80%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.77 EPS. Analysts forecast that Illinois Tool Works Inc. will post 8.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Tuesday, June 29th. Illinois Tool Works’s payout ratio is 65.14%.
In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,820 shares of the firm’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $237.32, for a total value of $1,618,522.40. Following the transaction, the chief accounting officer now directly owns 14,622 shares of the company’s stock, valued at $3,470,093.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.80% of the company’s stock.
About Illinois Tool Works
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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