American International Group Inc. Purchases 15,250 Shares of Illinois Tool Works Inc. (ITW)

American International Group Inc. raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 143,909 shares of the industrial products company’s stock after purchasing an additional 15,250 shares during the quarter. American International Group Inc.’s holdings in Illinois Tool Works were worth $20,308,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in shares of Illinois Tool Works by 2.5% during the 3rd quarter. BlackRock Inc. now owns 21,290,319 shares of the industrial products company’s stock valued at $3,004,489,000 after purchasing an additional 528,550 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Illinois Tool Works by 25.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock valued at $975,518,000 after purchasing an additional 1,401,794 shares during the period. Bank of America Corp DE grew its stake in shares of Illinois Tool Works by 1.6% during the 2nd quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock valued at $813,935,000 after purchasing an additional 93,269 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Illinois Tool Works by 4.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock valued at $825,423,000 after purchasing an additional 274,579 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Illinois Tool Works by 20.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock valued at $677,888,000 after purchasing an additional 830,998 shares during the period. Institutional investors and hedge funds own 77.43% of the company’s stock.

ITW stock opened at $134.05 on Friday. Illinois Tool Works Inc. has a twelve month low of $119.38 and a twelve month high of $179.07. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. The stock has a market cap of $44.35 billion, a PE ratio of 20.34, a P/E/G ratio of 1.78 and a beta of 1.26.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 EPS for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $1.71 EPS. The firm’s revenue was down .1% compared to the same quarter last year. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 7.6 earnings per share for the current fiscal year.

Illinois Tool Works declared that its board has approved a share buyback program on Friday, August 3rd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 10th. Investors of record on Monday, December 31st will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $4.00 dividend on an annualized basis and a yield of 2.98%. Illinois Tool Works’s dividend payout ratio is presently 60.70%.

A number of research firms have issued reports on ITW. ValuEngine upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Wells Fargo & Co set a $145.00 price objective on Illinois Tool Works and gave the company a “buy” rating in a research report on Thursday, October 25th. Credit Suisse Group lowered their price objective on Illinois Tool Works from $146.00 to $131.00 and set a “neutral” rating on the stock in a research report on Thursday, October 25th. Citigroup set a $148.00 price objective on Illinois Tool Works and gave the company a “buy” rating in a research report on Thursday, October 25th. Finally, Morgan Stanley set a $131.00 price objective on Illinois Tool Works and gave the company a “hold” rating in a research report on Thursday, October 25th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the stock. Illinois Tool Works presently has an average rating of “Hold” and an average target price of $150.18.

TRADEMARK VIOLATION NOTICE: “American International Group Inc. Purchases 15,250 Shares of Illinois Tool Works Inc. (ITW)” was first reported by WKRB News and is the sole property of of WKRB News. If you are viewing this piece of content on another publication, it was illegally copied and reposted in violation of US & international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.wkrb13.com/2018/11/23/american-international-group-inc-purchases-15250-shares-of-illinois-tool-works-inc-itw.html.

About Illinois Tool Works

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.

See Also: Insider Trading

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

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply