B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 55.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,854 shares of the industrial products company’s stock after selling 4,846 shares during the quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in Illinois Tool Works were worth $534,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of ITW. CX Institutional acquired a new stake in shares of Illinois Tool Works in the 2nd quarter worth $101,000. Kaizen Advisory LLC boosted its position in shares of Illinois Tool Works by 151.0% in the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 450 shares in the last quarter. Sun Life Financial INC boosted its position in shares of Illinois Tool Works by 277.2% in the 2nd quarter. Sun Life Financial INC now owns 826 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 607 shares in the last quarter. Clearwater Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 1st quarter worth $117,000. Finally, Fort L.P. acquired a new stake in shares of Illinois Tool Works in the 2nd quarter worth $117,000. 76.13% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the company. Wells Fargo & Co reissued a “buy” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Deutsche Bank set a $152.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 12th. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Goldman Sachs Group reaffirmed a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Finally, ValuEngine cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $159.53.
NYSE ITW opened at $144.89 on Friday. The stock has a market cap of $47.51 billion, a price-to-earnings ratio of 21.99, a P/E/G ratio of 1.81 and a beta of 1.24. Illinois Tool Works Inc. has a fifty-two week low of $134.45 and a fifty-two week high of $179.07. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.97. The business had revenue of $3.83 billion during the quarter, compared to analyst estimates of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The company’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $1.69 EPS. analysts forecast that Illinois Tool Works Inc. will post 7.64 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.34%.
Illinois Tool Works declared that its board has authorized a share buyback plan on Friday, August 3rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Illinois Tool Works Company 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.
Featured Story: Understanding Price to Earnings Ratio (PE)
Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.