Kore Private Wealth LLC Takes $329,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Kore Private Wealth LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, Holdings Channel reports. The firm purchased 1,471 shares of the industrial products company’s stock, valued at approximately $329,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nvwm LLC lifted its holdings in Illinois Tool Works by 266.7% during the second quarter. Nvwm LLC now owns 110 shares of the industrial products company’s stock worth $25,000 after buying an additional 80 shares during the period. Meridian Wealth Partners LLC purchased a new stake in Illinois Tool Works during the first quarter worth $27,000. Harbour Investments Inc. purchased a new stake in Illinois Tool Works during the first quarter worth $28,000. Paragon Wealth Strategies LLC purchased a new stake in Illinois Tool Works during the second quarter worth $28,000. Finally, Perkins Coie Trust Co purchased a new stake in Illinois Tool Works during the second quarter worth $29,000. Hedge funds and other institutional investors own 77.61% of the company’s stock.

Shares of ITW opened at $214.78 on Thursday. The business’s 50-day moving average is $222.48 and its two-hundred day moving average is $226.21. The company has a market capitalization of $67.65 billion, a P/E ratio of 25.54, a P/E/G ratio of 2.16 and a beta of 1.08. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.73 and a current ratio of 2.20. Illinois Tool Works Inc. has a fifty-two week low of $192.29 and a fifty-two week high of $242.07.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, July 30th. The industrial products company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.01. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.56 billion. Illinois Tool Works had a return on equity of 81.66% and a net margin of 19.07%. The firm’s revenue for the quarter was up 43.4% compared to the same quarter last year. During the same period last year, the firm earned $1.01 EPS. Analysts forecast that Illinois Tool Works Inc. will post 8.63 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 14th. Shareholders of record on Thursday, September 30th will be given a dividend of $1.22 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.14. This represents a $4.88 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Wednesday, September 29th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 69.71%.

A number of research firms have weighed in on ITW. Credit Suisse Group upped their target price on Illinois Tool Works from $265.00 to $268.00 and gave the stock an “outperform” rating in a report on Monday, August 2nd. Citigroup increased their price objective on Illinois Tool Works from $252.00 to $256.00 and gave the company a “neutral” rating in a report on Monday, August 2nd. Deutsche Bank Aktiengesellschaft increased their price objective on Illinois Tool Works from $227.00 to $238.00 and gave the company a “hold” rating in a report on Wednesday, July 14th. Morgan Stanley decreased their price objective on Illinois Tool Works from $208.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, October 7th. Finally, Wells Fargo & Company began coverage on Illinois Tool Works in a report on Thursday, October 7th. They set an “equal weight” rating and a $219.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $226.88.

About Illinois Tool Works

Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.

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

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