Camarda Financial Advisors LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,000 shares of the industrial products company’s stock, valued at approximately $141,000.
Other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of Illinois Tool Works by 25.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock valued at $975,518,000 after acquiring an additional 1,401,794 shares during the period. Bank of America Corp DE boosted its holdings in shares of Illinois Tool Works by 1.6% in the second quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock valued at $813,935,000 after acquiring an additional 93,269 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Illinois Tool Works by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock valued at $550,369,000 after acquiring an additional 44,036 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Illinois Tool Works by 7.3% in the second quarter. Janus Henderson Group PLC now owns 3,774,594 shares of the industrial products company’s stock valued at $522,934,000 after acquiring an additional 257,819 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Illinois Tool Works by 28.3% in the second quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock valued at $219,489,000 after acquiring an additional 349,717 shares during the period. Institutional investors own 76.24% of the company’s stock.
Shares of NYSE ITW opened at $129.47 on Friday. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26. Illinois Tool Works Inc. has a 1-year low of $119.38 and a 1-year high of $179.07. The firm has a market cap of $43.50 billion, a P/E ratio of 19.65, a P/E/G ratio of 1.72 and a beta of 1.22.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the company earned $1.71 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 7.6 earnings per share for the current fiscal year.
Illinois Tool Works announced that its Board of Directors has authorized a stock buyback program on Friday, August 3rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Monday, December 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.09%. Illinois Tool Works’s dividend payout ratio is presently 60.70%.
ITW has been the subject of several research analyst reports. ValuEngine downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Thursday, October 11th. Zacks Investment Research raised Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Tuesday, September 25th. Credit Suisse Group decreased their price objective on Illinois Tool Works from $146.00 to $131.00 and set a “neutral” rating for the company in a report on Thursday, October 25th. Seaport Global Securities downgraded Illinois Tool Works from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $170.00 to $132.00 in a report on Thursday, October 25th. Finally, Wells Fargo & Co reissued a “buy” rating and issued a $160.00 price objective (down from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $150.18.
Illinois Tool Works Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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