Dynamic Capital Management Ltd raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 816.2% during the first quarter, Holdings Channel reports. The fund owned 41,073 shares of the industrial products company’s stock after buying an additional 36,590 shares during the period. Illinois Tool Works accounts for approximately 0.9% of Dynamic Capital Management Ltd’s holdings, making the stock its 23rd largest position. Dynamic Capital Management Ltd’s holdings in Illinois Tool Works were worth $5,441,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ITW. BlackRock Inc. boosted its position in Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after buying an additional 18,221,359 shares during the last quarter. HPM Partners LLC acquired a new position in Illinois Tool Works during the first quarter valued at about $95,987,000. Prudential Financial Inc. boosted its position in Illinois Tool Works by 58.5% in the first quarter. Prudential Financial Inc. now owns 1,218,246 shares of the industrial products company’s stock valued at $161,380,000 after buying an additional 449,430 shares during the last quarter. Wells Fargo & Company MN boosted its position in Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after buying an additional 308,538 shares during the last quarter. Finally, Swiss National Bank boosted its position in Illinois Tool Works by 25.6% in the first quarter. Swiss National Bank now owns 1,119,306 shares of the industrial products company’s stock valued at $148,274,000 after buying an additional 228,400 shares during the last quarter. 74.77% of the stock is owned by institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded down 0.82% on Thursday, reaching $139.57. The company had a trading volume of 94,791 shares. Illinois Tool Works Inc. has a one year low of $111.50 and a one year high of $150.29. The company has a 50-day moving average price of $143.83 and a 200-day moving average price of $137.32. The firm has a market cap of $48.03 billion, a P/E ratio of 22.58 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. On average, analysts expect that Illinois Tool Works Inc. will post $6.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a $0.78 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 42.07%.
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ITW has been the subject of several recent analyst reports. Goldman Sachs Group, Inc. (The) raised Illinois Tool Works from a “sell” rating to a “buy” rating and increased their price target for the stock from $131.00 to $155.00 in a research note on Thursday, June 1st. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Credit Suisse Group set a $135.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Wednesday, April 12th. Deutsche Bank AG reissued a “buy” rating and issued a $160.00 price target (up previously from $140.00) on shares of Illinois Tool Works in a research note on Saturday, April 29th. Finally, Barclays PLC increased their price target on Illinois Tool Works from $123.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $152.67.
In other news, insider John R. Hartnett sold 11,750 shares of Illinois Tool Works stock in a transaction on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the sale, the insider now directly owns 23,839 shares of the company’s stock, valued at approximately $3,455,701.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ernest Scott Santi sold 101,297 shares of Illinois Tool Works stock in a transaction on Friday, May 12th. The shares were sold at an average price of $138.03, for a total value of $13,982,024.91. Following the completion of the sale, the chief executive officer now directly owns 191,142 shares of the company’s stock, valued at $26,383,330.26. The disclosure for this sale can be found here. Insiders sold a total of 201,961 shares of company stock valued at $28,311,650 over the last three months. Insiders own 0.90% of the company’s stock.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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