IFM Investors Pty Ltd raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 16.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,639 shares of the industrial products company’s stock after purchasing an additional 4,348 shares during the quarter. IFM Investors Pty Ltd’s holdings in Illinois Tool Works were worth $6,247,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Shulman DeMeo Asset Management LLC grew its stake in shares of Illinois Tool Works by 19.7% in the fourth quarter. Shulman DeMeo Asset Management LLC now owns 2,206 shares of the industrial products company’s stock valued at $450,000 after buying an additional 363 shares in the last quarter. Radnor Capital Management LLC grew its stake in Illinois Tool Works by 0.7% during the 4th quarter. Radnor Capital Management LLC now owns 7,734 shares of the industrial products company’s stock valued at $1,577,000 after purchasing an additional 50 shares in the last quarter. Symphony Financial Ltd. Co. grew its stake in Illinois Tool Works by 4.9% during the 4th quarter. Symphony Financial Ltd. Co. now owns 2,447 shares of the industrial products company’s stock valued at $497,000 after purchasing an additional 114 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in Illinois Tool Works by 41.5% during the 4th quarter. First Citizens Bank & Trust Co. now owns 2,229 shares of the industrial products company’s stock valued at $454,000 after purchasing an additional 654 shares in the last quarter. Finally, Bath Savings Trust Co grew its position in shares of Illinois Tool Works by 19.7% in the 4th quarter. Bath Savings Trust Co now owns 9,665 shares of the industrial products company’s stock worth $1,971,000 after acquiring an additional 1,592 shares in the last quarter. Institutional investors own 74.24% of the company’s stock.
ITW has been the topic of several recent research reports. Smith Barney Citigroup raised their price target on Illinois Tool Works from $203.00 to $211.00 in a report on Monday, October 26th. Wells Fargo & Company lifted their price target on Illinois Tool Works from $220.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. BMO Capital Markets lifted their target price on Illinois Tool Works from $205.00 to $225.00 in a report on Monday, October 26th. Morgan Stanley lifted their target price on Illinois Tool Works from $167.00 to $176.00 and gave the stock an “underweight” rating in a report on Monday, October 26th. Finally, UBS Group upgraded Illinois Tool Works from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $211.00 to $232.00 in a report on Monday, January 4th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $190.24.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, October 23rd. The industrial products company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.38. Illinois Tool Works had a net margin of 16.77% and a return on equity of 80.95%. The company had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the business earned $2.04 earnings per share. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 6.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 14th. Stockholders of record on Thursday, December 31st will be given a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, December 30th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.20%. Illinois Tool Works’s payout ratio is 58.84%.
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.
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