Fmr LLC Boosts Holdings in Illinois Tool Works Inc. (ITW)

FMR LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 768,494 shares of the industrial products company’s stock after acquiring an additional 46,382 shares during the quarter. FMR LLC owned approximately 0.23% of Illinois Tool Works worth $97,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ITW. Oregon Public Employees Retirement Fund grew its holdings in Illinois Tool Works by 12,441.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042,210 shares of the industrial products company’s stock valued at $79,000 after buying an additional 9,962,137 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Illinois Tool Works by 27.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,820,157 shares of the industrial products company’s stock valued at $1,117,426,000 after buying an additional 1,907,471 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Illinois Tool Works by 20.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock valued at $677,888,000 after buying an additional 830,998 shares in the last quarter. Bessemer Group Inc. grew its holdings in Illinois Tool Works by 3,024.5% during the 4th quarter. Bessemer Group Inc. now owns 749,011 shares of the industrial products company’s stock valued at $94,892,000 after buying an additional 725,039 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of Illinois Tool Works by 160.8% in the 4th quarter. Cerity Partners LLC now owns 815,441 shares of the industrial products company’s stock valued at $103,308,000 after purchasing an additional 502,769 shares during the last quarter. Institutional investors and hedge funds own 78.73% of the company’s stock.

In other news, EVP Juan Valls sold 52,265 shares of Illinois Tool Works stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $142.41, for a total value of $7,443,058.65. Following the transaction, the executive vice president now directly owns 78,620 shares in the company, valued at approximately $11,196,274.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sundaram Nagarajan sold 18,651 shares of the business’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $137.75, for a total value of $2,569,175.25. Following the transaction, the insider now owns 44,954 shares in the company, valued at $6,192,413.50. The disclosure for this sale can be found here. Insiders sold a total of 128,970 shares of company stock worth $18,348,472 over the last quarter. Company insiders own 0.87% of the company’s stock.

ITW traded up $2.81 during trading on Friday, hitting $157.41. 669,762 shares of the stock were exchanged, compared to its average volume of 1,394,168. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $158.69. The company has a market capitalization of $51.46 billion, a P/E ratio of 20.71, a PEG ratio of 2.55 and a beta of 1.21. The company has a quick ratio of 1.19, a current ratio of 1.53 and a debt-to-equity ratio of 1.87.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.01. Illinois Tool Works had a return on equity of 72.74% and a net margin of 17.21%. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business posted $1.90 EPS. The business’s revenue was down 5.1% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 7.94 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.54%. Illinois Tool Works’s dividend payout ratio is presently 52.63%.

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their price objective on Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a research note on Tuesday, April 16th. Argus raised their price objective on Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Morgan Stanley set a $134.00 price objective on Illinois Tool Works and gave the company a “sell” rating in a research note on Friday, April 26th. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Monday, April 8th. Finally, Credit Suisse Group reaffirmed a “hold” rating and issued a $124.00 price objective on shares of Illinois Tool Works in a research note on Tuesday, January 22nd. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $142.13.

TRADEMARK VIOLATION NOTICE: This story was first reported by Baseball Daily News and is the property of of Baseball Daily News. If you are viewing this story on another domain, it was illegally copied and reposted in violation of US and international trademark and copyright legislation. The correct version of this story can be accessed at https://www.baseballdailydigest.com/news/2019/05/04/fmr-llc-acquires-46382-shares-of-illinois-tool-works-inc-itw.html.

About Illinois Tool Works

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.

Recommended Story: What is a Derivative?

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

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.