British Airways Pensions Investment Management Ltd raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 20.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 349,270 shares of the company’s stock after buying an additional 58,630 shares during the period. British Airways Pensions Investment Management Ltd owned 0.10% of Illinois Tool Works worth $36,524,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dubuque Bank & Trust Co. raised its stake in Illinois Tool Works by 7.7% in the first quarter. Dubuque Bank & Trust Co. now owns 1,148 shares of the company’s stock valued at $118,000 after buying an additional 82 shares during the last quarter. Acropolis Investment Management LLC purchased a new stake in Illinois Tool Works during the second quarter valued at approximately $128,000. Washington Trust Bank raised its stake in Illinois Tool Works by 1.8% in the second quarter. Washington Trust Bank now owns 1,391 shares of the company’s stock valued at $145,000 after buying an additional 25 shares during the last quarter. Eqis Capital Management Inc. purchased a new stake in Illinois Tool Works during the second quarter valued at approximately $206,000. Finally, Oakworth Capital Inc. raised its stake in Illinois Tool Works by 6.9% in the second quarter. Oakworth Capital Inc. now owns 1,994 shares of the company’s stock valued at $212,000 after buying an additional 129 shares during the last quarter. 74.90% of the stock is currently owned by institutional investors and hedge funds.
Shares of Illinois Tool Works Inc. (NYSE:ITW) traded down 1.57% during trading on Friday, hitting $117.81. 1,112,820 shares of the company were exchanged. The company’s 50-day moving average price is $118.60 and its 200 day moving average price is $108.83. Illinois Tool Works Inc. has a 12 month low of $79.15 and a 12 month high of $123.50. The stock has a market cap of $41.82 billion, a P/E ratio of 21.94 and a beta of 1.15.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.06. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. Illinois Tool Works’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $1.30 earnings per share. On average, equities analysts predict that Illinois Tool Works Inc. will post $5.63 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a yield of 2.21%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s dividend payout ratio (DPR) is currently 40.97%.
Several analysts have recently commented on ITW shares. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Tuesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and issued a $102.00 target price on shares of Illinois Tool Works in a report on Thursday, August 25th. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $104.00 target price (up previously from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $108.43.
In other Illinois Tool Works news, insider Sundaram Nagarajan sold 4,560 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total transaction of $544,920.00. Following the transaction, the insider now owns 24,777 shares of the company’s stock, valued at $2,960,851.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Randall J. Scheuneman sold 15,641 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $114.21, for a total transaction of $1,786,358.61. Following the transaction, the vice president now directly owns 19,791 shares in the company, valued at approximately $2,260,330.11. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
About Illinois Tool Works
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.