Point72 Asset Management L.P. Acquires New Position in Illinois Tool Works Inc. (ITW)

Point72 Asset Management L.P. acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 149,728 shares of the industrial products company’s stock, valued at approximately $22,154,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Omnia Family Wealth LLC boosted its holdings in Illinois Tool Works by 0.3% in the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 2 shares during the last quarter. Hudock Capital Group LLC boosted its holdings in Illinois Tool Works by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,059 shares of the industrial products company’s stock valued at $151,000 after purchasing an additional 5 shares during the last quarter. Laurel Wealth Advisors Inc. boosted its holdings in Illinois Tool Works by 0.3% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 3,638 shares of the industrial products company’s stock valued at $521,000 after purchasing an additional 10 shares during the last quarter. Rowland & Co. Investment Counsel ADV boosted its holdings in Illinois Tool Works by 0.4% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 3,607 shares of the industrial products company’s stock valued at $518,000 after purchasing an additional 13 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in Illinois Tool Works by 1.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock valued at $129,000 after purchasing an additional 17 shares during the last quarter. 74.83% of the stock is owned by institutional investors.

In related news, EVP Juan Valls sold 48,622 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total transaction of $7,620,526.06. Following the sale, the executive vice president now directly owns 71,101 shares of the company’s stock, valued at approximately $11,143,659.73. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John R. Hartnett sold 6,533 shares of the company’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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 221,324 shares of company stock worth $35,645,914. Company insiders own 0.90% of the company’s stock.

Several research firms have weighed in on ITW. Wells Fargo & Company set a $190.00 target price on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, December 4th. Bank of America began coverage on shares of Illinois Tool Works in a report on Monday. They issued a “buy” rating and a $190.00 target price on the stock. BMO Capital Markets boosted their target price on shares of Illinois Tool Works from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Tuesday, October 24th. Jefferies Group reiterated a “buy” rating and issued a $190.00 target price on shares of Illinois Tool Works in a report on Wednesday, November 29th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $147.00 target price (up from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $164.38.

Illinois Tool Works Inc. (ITW) opened at $163.82 on Thursday. The company has a quick ratio of 1.98, a current ratio of 2.41 and a debt-to-equity ratio of 1.48. Illinois Tool Works Inc. has a fifty-two week low of $120.06 and a fifty-two week high of $169.69. The company has a market cap of $56,145.13, a P/E ratio of 26.01, a PEG ratio of 2.43 and a beta of 1.18.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business posted $1.50 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. research analysts anticipate that Illinois Tool Works Inc. will post 6.7 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be issued a $0.78 dividend. The ex-dividend date is Thursday, December 28th. This represents a $3.12 annualized dividend and a dividend yield of 1.90%. Illinois Tool Works’s dividend payout ratio is currently 47.78%.

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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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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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