Compass Capital Management Inc. purchased a new position in Illinois Tool Works Inc. (NYSE:ITW – Free Report) during the 2nd quarter, Holdings Channel reports. The fund purchased 200,530 shares of the industrial products company’s stock, valued at approximately $54,237,000. Illinois Tool Works makes up 3.3% of Compass Capital Management Inc.’s portfolio, making the stock its 11th biggest holding.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter worth about $808,351,000. Bank of New York Mellon Corp purchased a new position in shares of Illinois Tool Works during the second quarter worth approximately $603,166,000. Auto Owners Insurance Co raised its stake in shares of Illinois Tool Works by 24,530.0% during the fourth quarter. Auto Owners Insurance Co now owns 628,065 shares of the industrial products company’s stock valued at $15,469,000 after acquiring an additional 625,515 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Illinois Tool Works by 442.5% in the first quarter. Renaissance Technologies LLC now owns 659,840 shares of the industrial products company’s stock valued at $171,750,000 after purchasing an additional 538,200 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Illinois Tool Works by 1,517.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 390,022 shares of the industrial products company’s stock worth $96,062,000 after purchasing an additional 365,915 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.
Illinois Tool Works Stock Performance
ITW stock opened at $290.74 on Monday. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The firm has a market cap of $82.80 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 4.91 and a beta of 0.99. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.81 and a current ratio of 1.11. The firm has a 50-day simple moving average of $275.01 and a two-hundred day simple moving average of $270.73.
Illinois Tool Works Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.72 per share. The ex-dividend date is Wednesday, September 30th. 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. Illinois Tool Works’s dividend payout ratio (DPR) is currently 58.39%.
Analysts Set New Price Targets
Several research analysts have commented on the company. Robert W. Baird raised their price objective on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Wells Fargo & Company increased their price target on Illinois Tool Works from $245.00 to $255.00 and gave the stock an “underweight” rating in a research report on Monday, May 4th. Wolfe Research restated an “underperform” rating and set a $286.00 price target on shares of Illinois Tool Works in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on Illinois Tool Works from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Evercore lowered their price objective on shares of Illinois Tool Works from $296.00 to $272.00 in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Reduce” and an average target price of $281.25.
Read Our Latest Stock Analysis on ITW
Insider Buying and Selling at Illinois Tool Works
In other Illinois Tool Works news, Director Jennifer F. Scanlon bought 806 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were purchased at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the purchase, the director directly owned 1,652 shares in the company, valued at $409,679.48. This represents a 95.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.83% of the stock is owned by insiders.
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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