Dupont Capital Management Corp increased its position in Illinois Tool Works Inc. (NYSE: ITW – Get a rating) by 60.7% in the first quarter, according to the company in its latest filing with the Securities & Exchange Commission. The fund held 1,576 shares of the industrial products company after acquiring an additional 595 shares during the period. Dupont Capital Management Corp’s holdings in Illinois Tool Works were worth $330,000 at the end of the last reporting period.
A number of other hedge funds have also recently increased or reduced their holdings in ITW. Ritter Daniher Financial Advisory LLC acquired a new stake in Illinois Tool Works during Q4 for $28,000. Allegheny Financial Group LTD acquired a new stake in Illinois Tool Works during Q4 valued at $29,000. Amplius Wealth Advisors LLC acquired a new stake in Illinois Tool Works during Q4 valued at $30,000. FSB Premier Wealth Management Inc. acquired a new stake in Illinois Tool Works during Q4 for $32,000. Finally, Intelligent Financial Strategies acquired a new stake in Illinois Tool Works during the 4th quarter at a value of $37,000. 79.03% of the shares are currently held by hedge funds and other institutional investors.
A Wall Street analyst gives his opinion
ITW has been the subject of several research reports. Stifel Nicolaus cut his price target on Illinois Tool Works shares from $242.00 to $202.00 and set a “hold” rating for the company in a Monday, April 18 research note. Barclays cut its price target on Illinois Tool Works shares from $180.00 to $167.00 and set an “underweight” rating for the company in a Friday, July 8 research report. JPMorgan Chase & Co. cut its price target on Illinois Tool Works stock from $255.00 to $215.00 and set an “overweight” rating for the company in a Tuesday, July 12 research report . UBS Group downgraded Illinois Tool Works shares from a ‘buy’ rating to a ‘neutral’ rating and cut its price target for the company from $243.00 to $185.00 in a research report Friday, July 8. Finally, Jefferies Financial Group cut its price target on Illinois Tool Works shares from $235.00 to $195.00 in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned the stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $211.67.
Insiders place their bets
In other Illinois Tool Works news, EVP Lei Zhang Schlitz sold 1,000 shares of the company in a trade on Wednesday, May 11. The shares were sold at an average price of $205.34, for a total value of $205,340.00. Following the sale, the executive vice president now owns 7,803 shares of the company, valued at approximately $1,602,268.02. The sale was disclosed in a filing with the SEC, accessible via the SEC website. Company insiders own 0.78% of the company’s shares.
Illinois Tool Works trades up 2.6%
Shares of Illinois Tool Works stock opened at $180.62 on Friday. The company has a market capitalization of $56.25 billion, a P/E ratio of 21.22, a P/E/G ratio of 1.93 and a beta of 1.09. The company has a debt ratio of 1.90, a quick ratio of 1.24 and a current ratio of 1.73. The company has a fifty-day moving average of $193.97 and a 200-day moving average of $210.01. Illinois Tool Works Inc. has a fifty-two week minimum of $173.52 and a fifty-two week maximum of $249.81.
Illinois Tool Factory (NYSE: ITW – Get a rating) last announced its quarterly results on Tuesday, May 3. The industrial products company reported EPS of $2.11 for the quarter, beating the consensus estimate of $2.07 by $0.04. The company posted revenue of $3.94 billion for the quarter, versus $3.76 billion expected by analysts. Illinois Tool Works had a net margin of 18.08% and a return on equity of 72.57%. The company’s quarterly revenue increased by 11.1% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $2.11. On average, sell-side analysts expect Illinois Tool Works Inc. to post earnings per share of 9.11 for the current fiscal year.
Illinois Tool Works Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, July 14. Shareholders of record on Thursday, June 30 received a dividend of $1.22. This represents an annualized dividend of $4.88 and a yield of 2.70%. The ex-dividend date was Wednesday, June 29. Illinois Tool Works’ payout rate is currently 57.34%.
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; building 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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