PCM Encore LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,859 shares of the industrial products company’s stock, valued at approximately $503,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. Strs Ohio boosted its position in shares of Illinois Tool Works by 20.5% during the 4th quarter. Strs Ohio now owns 83,263 shares of the industrial products company’s stock valued at $20,508,000 after purchasing an additional 14,186 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Illinois Tool Works by 3.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,906 shares of the industrial products company’s stock worth $146,433,000 after purchasing an additional 21,481 shares in the last quarter. Pacific Heights Asset Management LLC lifted its stake in Illinois Tool Works by 15.0% during the fourth quarter. Pacific Heights Asset Management LLC now owns 115,000 shares of the industrial products company’s stock valued at $28,324,000 after purchasing an additional 15,000 shares during the last quarter. MUFG Securities EMEA plc boosted its holdings in Illinois Tool Works by 113.2% during the fourth quarter. MUFG Securities EMEA plc now owns 10,822 shares of the industrial products company’s stock worth $2,665,000 after buying an additional 5,745 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Illinois Tool Works by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 327,574 shares of the industrial products company’s stock worth $80,681,000 after buying an additional 9,593 shares in the last quarter. 79.77% of the stock is owned by institutional investors.
Illinois Tool Works Stock Down 0.6%
ITW stock opened at $282.49 on Friday. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.11 and a quick ratio of 0.81. The firm has a market capitalization of $80.45 billion, a P/E ratio of 25.61, a P/E/G ratio of 4.80 and a beta of 0.99. Illinois Tool Works Inc. has a 52-week low of $238.82 and a 52-week high of $303.15. The company’s 50 day simple moving average is $277.50 and its 200-day simple moving average is $271.42.
Illinois Tool Works Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.61. The ex-dividend date of this dividend is Wednesday, September 30th. Illinois Tool Works’s payout ratio is 58.39%.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price target on Illinois Tool Works from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings raised Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Evercore decreased their target price on Illinois Tool Works from $296.00 to $272.00 in a report on Monday, May 11th. Wolfe Research reaffirmed an “underperform” rating and set a $286.00 target price on shares of Illinois Tool Works in a research report on Thursday, July 9th. Finally, Wells Fargo & Company upped their target price on Illinois Tool Works from $245.00 to $255.00 and gave the company an “underweight” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $281.25.
View Our Latest Analysis on ITW
Insider Buying and Selling at Illinois Tool Works
In other Illinois Tool Works news, Director Jennifer F. Scanlon purchased 806 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were acquired at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the completion of the acquisition, the director owned 1,652 shares of the company’s stock, valued at $409,679.48. This represents a 95.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Matteo C. Pigozzo sold 277 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the transaction, the chief accounting officer directly owned 3,394 shares in the company, valued at $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.83% of the company’s stock.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.
The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.
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