Nissay Asset Management Corp Japan ADV raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 97,552 shares of the industrial products company’s stock after buying an additional 694 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Illinois Tool Works were worth $13,515,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. CX Institutional acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth about $101,000. Kaizen Advisory LLC increased its stake in shares of Illinois Tool Works by 151.0% during the 2nd quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 450 shares during the last quarter. Clearwater Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth about $117,000. Parisi Gray Wealth Management increased its stake in shares of Illinois Tool Works by 88.8% during the 1st quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock worth $123,000 after purchasing an additional 372 shares during the last quarter. Finally, FTB Advisors Inc. increased its stake in shares of Illinois Tool Works by 95.0% during the 2nd quarter. FTB Advisors Inc. now owns 936 shares of the industrial products company’s stock worth $128,000 after purchasing an additional 456 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.
In related news, Director Richard H. Lenny purchased 1,778 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average price of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.
Shares of ITW opened at $138.59 on Thursday. Illinois Tool Works Inc. has a 52 week low of $134.66 and a 52 week high of $179.07. The stock has a market capitalization of $45.77 billion, a P/E ratio of 21.03, a P/E/G ratio of 1.75 and a beta of 1.25. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 1.60.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 23rd. The industrial products company reported $1.97 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.97. Illinois Tool Works had a net margin of 12.70% and a return on equity of 56.74%. The business had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the prior year, the business earned $1.69 EPS. Illinois Tool Works’s quarterly revenue was up 6.4% on a year-over-year basis. equities analysts expect that Illinois Tool Works Inc. will post 7.64 earnings per share for the current year.
Illinois Tool Works declared that its Board of Directors has approved a share buyback plan on Friday, August 3rd that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a yield of 2.89%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio is 47.34%.
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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