Gulf International Bank UK Ltd boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 8.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 106,118 shares of the industrial products company’s stock after acquiring an additional 8,100 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Illinois Tool Works were worth $14,975,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. OLD Point Trust & Financial Services N A acquired a new stake in Illinois Tool Works in the third quarter worth $209,000. Canandaigua National Bank & Trust Co. raised its holdings in Illinois Tool Works by 29.2% in the third quarter. Canandaigua National Bank & Trust Co. now owns 5,624 shares of the industrial products company’s stock worth $794,000 after purchasing an additional 1,271 shares during the period. Grandfield & Dodd LLC raised its holdings in Illinois Tool Works by 1.8% in the third quarter. Grandfield & Dodd LLC now owns 170,318 shares of the industrial products company’s stock worth $24,035,000 after purchasing an additional 3,045 shares during the period. Vantage Financial Partners Ltd. Inc. acquired a new stake in Illinois Tool Works in the third quarter worth $219,000. Finally, Cadence Capital Management LLC raised its holdings in Illinois Tool Works by 119.8% in the third quarter. Cadence Capital Management LLC now owns 30,239 shares of the industrial products company’s stock worth $4,267,000 after purchasing an additional 16,483 shares during the period. Institutional investors and hedge funds own 76.56% of the company’s stock.
Shares of NYSE:ITW opened at $130.95 on Tuesday. Illinois Tool Works Inc. has a 12 month low of $119.38 and a 12 month high of $179.07. The company has a current ratio of 1.62, a quick ratio of 1.26 and a debt-to-equity ratio of 1.71. The firm has a market cap of $43.83 billion, a P/E ratio of 19.87, a P/E/G ratio of 1.74 and a beta of 1.26.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the business posted $1.71 earnings per share. The firm’s quarterly revenue was down .1% on a year-over-year basis. Research 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 approved a share repurchase program on Friday, August 3rd that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 28th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.05%. Illinois Tool Works’s payout ratio is 60.70%.
ITW has been the topic of several analyst reports. Citigroup set a $166.00 target price on shares of Illinois Tool Works and gave the stock a “buy” rating in a report on Tuesday, July 24th. Wells Fargo & Co reiterated a “buy” rating and issued a $160.00 target price (down from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Morgan Stanley initiated coverage on shares of Illinois Tool Works in a report on Monday, August 20th. They issued an “equal weight” rating and a $146.00 target price on the stock. ValuEngine upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Friday, July 20th. Finally, Deutsche Bank set a $152.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, July 12th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $150.18.
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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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