Parallel Advisors LLC Boosts Position in Illinois Tool Works Inc. (ITW)

Parallel Advisors LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 20.7% in the first quarter, Holdings Channel reports. The fund owned 3,721 shares of the industrial products company’s stock after purchasing an additional 637 shares during the quarter. Parallel Advisors LLC’s holdings in Illinois Tool Works were worth $534,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Moors & Cabot Inc. boosted its stake in Illinois Tool Works by 95.3% during the first quarter. Moors & Cabot Inc. now owns 10,412 shares of the industrial products company’s stock valued at $1,496,000 after buying an additional 5,082 shares during the last quarter. Alps Advisors Inc. bought a new position in Illinois Tool Works during the first quarter valued at approximately $402,000. Fayerweather Charles bought a new position in Illinois Tool Works during the first quarter valued at approximately $222,000. Hamel Associates Inc. boosted its stake in Illinois Tool Works by 15.8% during the first quarter. Hamel Associates Inc. now owns 13,165 shares of the industrial products company’s stock valued at $1,890,000 after buying an additional 1,800 shares during the last quarter. Finally, First National Bank of Omaha boosted its stake in Illinois Tool Works by 11.9% during the first quarter. First National Bank of Omaha now owns 2,085 shares of the industrial products company’s stock valued at $299,000 after buying an additional 221 shares during the last quarter. Institutional investors own 78.61% of the company’s stock.

NYSE:ITW opened at $151.32 on Wednesday. The company has a market capitalization of $50.78 billion, a PE ratio of 19.91, a P/E/G ratio of 2.57 and a beta of 1.21. Illinois Tool Works Inc. has a 1 year low of $117.75 and a 1 year high of $158.69. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.53 and a quick ratio of 1.19.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the company earned $1.90 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts expect that Illinois Tool Works Inc. will post 7.94 EPS for the current fiscal year.

The firm 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. The ex-dividend date is Thursday, June 27th. This represents a $4.00 annualized dividend and a dividend yield of 2.64%. Illinois Tool Works’s payout ratio is 52.63%.

In other news, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.79, for a total value of $6,349,737.66. Following the sale, the insider now directly owns 71,927 shares in the company, valued at $10,486,237.33. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John R. Hartnett sold 14,323 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $153.55, for a total value of $2,199,296.65. Following the completion of the sale, the executive vice president now owns 31,695 shares in the company, valued at $4,866,767.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,142 shares of company stock worth $15,992,093. Company insiders own 0.87% of the company’s stock.

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

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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.

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

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