Weiss Asset Management LP Invests $2.03 Million in Illinois Tool Works Inc. (NYSE:ITW)

Weiss Asset Management LP purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 11,250 shares of the industrial products company’s stock, valued at approximately $2,032,000.

A number of other large investors also recently bought and sold shares of the business. Briar Hall Management LLC lifted its position in Illinois Tool Works by 2.0% during the 3rd quarter. Briar Hall Management LLC now owns 26,352,224 shares of the industrial products company’s stock valued at $4,760,529,000 after acquiring an additional 520,540 shares during the period. Vanguard Group Inc. lifted its position in Illinois Tool Works by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 25,609,537 shares of the industrial products company’s stock valued at $4,626,363,000 after acquiring an additional 215,823 shares during the period. State Street Corp lifted its position in Illinois Tool Works by 1.5% during the 2nd quarter. State Street Corp now owns 12,821,085 shares of the industrial products company’s stock valued at $2,351,994,000 after acquiring an additional 187,268 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Illinois Tool Works by 5.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock valued at $1,236,063,000 after acquiring an additional 326,412 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Illinois Tool Works by 25.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,805,831 shares of the industrial products company’s stock valued at $511,363,000 after acquiring an additional 562,273 shares during the period. 79.83% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $229.81 on Friday. The company has a 50 day moving average price of $234.04 and a 200-day moving average price of $217.85. Illinois Tool Works Inc. has a 52 week low of $173.52 and a 52 week high of $253.37. The firm has a market capitalization of $70.11 billion, a PE ratio of 23.50, a P/E/G ratio of 3.46 and a beta of 1.10. The company has a quick ratio of 0.95, a current ratio of 1.41 and a debt-to-equity ratio of 2.00.

Illinois Tool Works (NYSE:ITW – Get Rating) last posted its quarterly earnings data on Thursday, February 2nd. The industrial products company reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.60 by ($0.26). The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Illinois Tool Works had a return on equity of 87.15% and a net margin of 19.04%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.95 EPS. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 9.61 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Friday, March 31st will be issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Thursday, March 30th. Illinois Tool Works’s payout ratio is 53.58%.

Insider Buying and Selling

In related news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $246.26, for a total value of $14,809,337.62. Following the transaction, the insider now owns 40,072 shares of the company’s stock, valued at $9,868,130.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Illinois Tool Works news, CEO Ernest Scott Santi sold 235,656 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $246.29, for a total transaction of $58,039,716.24. Following the transaction, the chief executive officer now owns 213,538 shares of the company’s stock, valued at $52,592,274.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the transaction, the insider now directly owns 40,072 shares in the company, valued at approximately $9,868,130.72. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $210.00 to $220.00 and gave the company an “equal weight” rating in a research report on Thursday, January 19th. Vertical Research lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and reduced their price objective for the company from $240.00 to $220.00 in a research note on Tuesday, January 3rd. StockNews.com initiated coverage on shares of Illinois Tool Works in a research note on Thursday. They set a “buy” rating for the company. Citigroup raised their price objective on shares of Illinois Tool Works from $232.00 to $255.00 and gave the company a “neutral” rating in a research note on Friday, February 3rd. Finally, UBS Group raised their price objective on shares of Illinois Tool Works from $213.00 to $245.00 and gave the company a “neutral” rating in a research note on Thursday, February 9th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $223.07.

Illinois Tool Works Company Profile

(Get Rating)

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