Railway Pension Investments Ltd raised its position in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 14.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 87,203 shares of the industrial products company’s stock after buying an additional 11,040 shares during the quarter. Railway Pension Investments Ltd’s holdings in Illinois Tool Works were worth $23,586,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of ITW. BlackRock Inc. bought a new position in shares of Illinois Tool Works in the 2nd quarter valued at $6,296,349,000. Norges Bank bought a new position in shares of Illinois Tool Works during the fourth quarter worth about $808,351,000. Bank of New York Mellon Corp acquired a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $603,166,000. Legal & General Group Plc acquired a new position in Illinois Tool Works in the second quarter valued at $500,748,000. Finally, Deutsche Bank AG bought a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $221,746,000. Institutional investors and hedge funds own 79.77% of the company’s stock.
Illinois Tool Works Price Performance
NYSE:ITW opened at $275.67 on Tuesday. Illinois Tool Works Inc. has a 52-week low of $238.82 and a 52-week high of $303.15. 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 market capitalization of $78.51 billion, a price-to-earnings ratio of 24.99, a P/E/G ratio of 4.73 and a beta of 0.99. The stock has a fifty day moving average of $280.08 and a 200 day moving average of $271.23.
Illinois Tool Works Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $1.72 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.61. The ex-dividend date is Wednesday, September 30th. This represents a $6.88 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works’s dividend payout ratio is currently 58.39%.
Wall Street Analysts Forecast Growth
ITW has been the subject of a number of research reports. Truist Financial raised their price target on shares of Illinois Tool Works from $280.00 to $301.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $245.00 to $255.00 and gave the stock an “underweight” rating in a report on Monday, May 4th. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $310.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Citigroup reaffirmed a “neutral” rating on shares of Illinois Tool Works in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $281.25.
View Our Latest Analysis on Illinois Tool Works
Insider Buying and Selling
In other news, 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 completion of the sale, the chief accounting officer owned 3,394 shares of the company’s stock, valued at approximately $981,612.68. This represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ernest Scott Santi sold 41,431 shares of Illinois Tool Works stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the completion of the transaction, the director owned 266,288 shares in the company, valued at approximately $76,448,621.92. The trade was a 13.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.83% of the company’s stock.
Illinois Tool Works 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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