Schroder Investment Management Group grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 23.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,171 shares of the industrial products company’s stock after acquiring an additional 48,648 shares during the quarter. Schroder Investment Management Group owned 0.07% of Illinois Tool Works worth $36,279,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Ffcm LLC increased its stake in Illinois Tool Works by 6.4% during the 2nd quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock worth $1,698,000 after purchasing an additional 714 shares in the last quarter. Oakmont Partners LLC increased its stake in Illinois Tool Works by 51.1% during the 2nd quarter. Oakmont Partners LLC now owns 15,856 shares of the industrial products company’s stock worth $2,271,000 after purchasing an additional 5,362 shares in the last quarter. Sumitomo Life Insurance Co. increased its stake in Illinois Tool Works by 4.4% during the 2nd quarter. Sumitomo Life Insurance Co. now owns 18,497 shares of the industrial products company’s stock worth $2,650,000 after purchasing an additional 786 shares in the last quarter. Koshinski Asset Management Inc. increased its stake in Illinois Tool Works by 22.8% during the 2nd quarter. Koshinski Asset Management Inc. now owns 2,151 shares of the industrial products company’s stock worth $308,000 after purchasing an additional 399 shares in the last quarter. Finally, Cutter & CO Brokerage Inc. increased its stake in Illinois Tool Works by 10.3% during the 1st quarter. Cutter & CO Brokerage Inc. now owns 9,340 shares of the industrial products company’s stock worth $1,237,000 after purchasing an additional 874 shares in the last quarter. 74.79% of the stock is owned by institutional investors.
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A number of analysts recently issued reports on the company. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. J P Morgan Chase & Co raised Illinois Tool Works from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $132.00 to $140.00 in a research note on Tuesday. Morgan Stanley reissued an “equal weight” rating and set a $140.00 target price (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and set a $147.00 target price on shares of Illinois Tool Works in a research note on Wednesday, August 16th. Finally, BMO Capital Markets reissued a “buy” rating and set a $160.00 target price on shares of Illinois Tool Works in a research note on Thursday, July 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $152.71.
Illinois Tool Works Inc. (NYSE ITW) opened at 151.62 on Wednesday. Illinois Tool Works Inc. has a 52 week low of $111.50 and a 52 week high of $152.62. The company has a market capitalization of $52.18 billion, a PE ratio of 24.53 and a beta of 1.12. The stock’s 50 day moving average is $143.80 and its 200 day moving average is $141.03.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 earnings per share. Analysts predict that Illinois Tool Works Inc. will post $6.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were issued a dividend of $0.78 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.06%. Illinois Tool Works’s payout ratio is currently 50.49%.
In other news, insider John R. Hartnett sold 6,533 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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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