Zurich Insurance Group Ltd FI reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 16.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,439 shares of the industrial products company’s stock after selling 9,780 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Illinois Tool Works were worth $6,711,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the company. CX Institutional acquired a new position in Illinois Tool Works during the second quarter worth $101,000. Clearwater Capital Advisors LLC purchased a new position in Illinois Tool Works during the first quarter worth $117,000. Kaizen Advisory LLC increased its position in Illinois Tool Works by 151.0% during the second quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after buying an additional 450 shares in the last quarter. Archford Capital Strategies LLC purchased a new position in Illinois Tool Works during the first quarter worth $130,000. Finally, Parisi Gray Wealth Management increased its position in Illinois Tool Works by 88.8% during the first quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock worth $123,000 after buying an additional 372 shares in the last quarter. 76.09% of the stock is owned by institutional investors and hedge funds.
NYSE:ITW opened at $140.67 on Tuesday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73. Illinois Tool Works Inc. has a one year low of $134.45 and a one year high of $179.07. The stock has a market capitalization of $47.33 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 1.81 and a beta of 1.22.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be paid a $1.00 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date is Thursday, September 27th. This represents a $4.00 annualized dividend and a dividend yield of 2.84%. Illinois Tool Works’s payout ratio is 60.70%.
Illinois Tool Works announced that its Board of Directors has authorized a stock buyback plan on Friday, August 3rd that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have recently commented on ITW shares. Wolfe Research started coverage on Illinois Tool Works in a research report on Wednesday, June 27th. They issued an “underperform” rating for the company. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 price objective for the company in a research report on Wednesday, June 27th. ValuEngine downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. MED downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a research report on Thursday, July 12th. Finally, Deutsche Bank set a $152.00 target price on Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $159.53.
In other news, Director Richard H. Lenny acquired 1,778 shares of the stock in a transaction that occurred on Friday, July 27th. The stock was purchased at an average cost of $140.85 per share, with a total value of $250,431.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.82% of the company’s stock.
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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