1ST Source Bank Buys Shares of 2,110 Illinois Tool Works Inc. (ITW)

1ST Source Bank bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 2,110 shares of the industrial products company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ITW. JPMorgan Chase & Co. lifted its stake in Illinois Tool Works by 4.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock worth $825,423,000 after purchasing an additional 274,579 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Legal & General Group Plc now owns 1,629,267 shares of the industrial products company’s stock worth $229,975,000 after buying an additional 65,762 shares during the last quarter. Morgan Stanley increased its holdings in shares of Illinois Tool Works by 11.8% in the 3rd quarter. Morgan Stanley now owns 2,397,243 shares of the industrial products company’s stock worth $338,300,000 after buying an additional 253,803 shares during the last quarter. Vanguard Group Inc increased its holdings in shares of Illinois Tool Works by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 25,617,374 shares of the industrial products company’s stock worth $3,615,123,000 after buying an additional 317,172 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its holdings in shares of Illinois Tool Works by 5.7% in the 3rd quarter. Great Lakes Advisors LLC now owns 29,238 shares of the industrial products company’s stock worth $4,126,000 after buying an additional 1,565 shares during the last quarter. Institutional investors and hedge funds own 78.73% of the company’s stock.

Shares of NYSE:ITW opened at $154.60 on Friday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.19 and a current ratio of 1.53. Illinois Tool Works Inc. has a one year low of $117.75 and a one year high of $158.69. The firm has a market capitalization of $50.88 billion, a PE ratio of 20.34, a P/E/G ratio of 2.55 and a beta of 1.21.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Thursday, April 25th. The industrial products company reported $1.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.01. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm earned $1.90 EPS. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. Research analysts expect that Illinois Tool Works Inc. will post 7.94 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Friday, March 29th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Thursday, March 28th. Illinois Tool Works’s dividend payout ratio is currently 52.63%.

In related news, insider Sundaram Nagarajan sold 18,651 shares of the stock in a transaction on Monday, February 4th. The shares were sold at an average price of $137.75, for a total transaction of $2,569,175.25. Following the transaction, the insider now owns 44,954 shares of the company’s stock, valued at approximately $6,192,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total transaction of $6,349,737.66. Following the transaction, the insider now directly owns 71,927 shares in the company, valued at approximately $10,486,237.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,970 shares of company stock worth $18,348,472. 0.87% of the stock is owned by insiders.

ITW has been the topic of a number of research analyst reports. Citigroup lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $144.00 price target on the stock. in a report on Monday, January 14th. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $128.00 to $124.00 in a report on Tuesday, February 5th. JPMorgan Chase & Co. lowered shares of Illinois Tool Works from a “neutral” rating to an “underweight” rating and set a $120.00 price target on the stock. in a report on Thursday, January 10th. Credit Suisse Group reissued a “hold” rating on shares of Illinois Tool Works in a report on Friday, February 1st. Finally, BMO Capital Markets decreased their price target on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating on the stock in a report on Monday, February 25th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $142.13.

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

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