1832 Asset Management L.P. Purchases 39,347 Shares of Illinois Tool Works Inc. (NYSE:ITW)

1832 Asset Management L.P. grew its stake in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 6.8% during the 1st quarter, HoldingsChannel reports. The firm owned 616,584 shares of the industrial products company’s stock after acquiring an additional 39,347 shares during the quarter. 1832 Asset Management L.P.’s holdings in Illinois Tool Works were worth $127,338,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ITW. Norges Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $744,840,000. BlackRock Inc. boosted its holdings in shares of Illinois Tool Works by 6.6% in the 4th quarter. BlackRock Inc. now owns 21,540,015 shares of the industrial products company’s stock worth $5,316,074,000 after acquiring an additional 1,340,520 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Illinois Tool Works by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 5,547,647 shares of the industrial products company’s stock worth $1,161,677,000 after acquiring an additional 1,189,751 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $91,466,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Illinois Tool Works by 5.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock worth $1,236,063,000 after acquiring an additional 326,412 shares in the last quarter. 79.68% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

ITW stock opened at $207.58 on Tuesday. The business’s fifty day moving average is $198.82 and its 200-day moving average is $201.39. The company has a quick ratio of 1.02, a current ratio of 1.48 and a debt-to-equity ratio of 1.81. The company has a market cap of $64.27 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 2.85 and a beta of 1.12. Illinois Tool Works Inc. has a twelve month low of $173.52 and a twelve month high of $249.81.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.15. The company had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a return on equity of 75.41% and a net margin of 17.44%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.10 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 9.08 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $1.31 dividend. The ex-dividend date is Thursday, September 29th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.52%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s dividend payout ratio is currently 57.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ITW. Robert W. Baird set a $213.00 target price on Illinois Tool Works in a report on Tuesday, August 2nd. Morgan Stanley boosted their target price on Illinois Tool Works from $182.00 to $191.00 and gave the stock an “underweight” rating in a report on Wednesday, August 3rd. JPMorgan Chase & Co. reduced their target price on Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Wells Fargo & Company upped their price objective on Illinois Tool Works from $180.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Finally, Citigroup upped their price objective on Illinois Tool Works from $191.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $202.00.

About Illinois Tool Works

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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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