Municipal Employees Retirement System of Michigan increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,790 shares of the industrial products company’s stock after purchasing an additional 1,070 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Illinois Tool Works were worth $4,303,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Almanack Investment Partners LLC. purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $112,000. Legacy Advisors LLC boosted its position in Illinois Tool Works by 988.9% in the 4th quarter. Legacy Advisors LLC now owns 686 shares of the industrial products company’s stock valued at $114,000 after buying an additional 623 shares during the period. Santori & Peters Inc. purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $121,000. Valeo Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at about $130,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $130,000. 77.65% of the stock is owned by hedge funds and other institutional investors.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at $170.18 on Friday. Illinois Tool Works Inc. has a 52-week low of $129.17 and a 52-week high of $179.07. The firm has a market cap of $57,837.34, a P/E ratio of 35.02, a PEG ratio of 2.18 and a beta of 1.21. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.38 and a quick ratio of 1.98.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 10th. Stockholders of record on Friday, March 30th will be given a $0.78 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $3.12 annualized dividend and a dividend yield of 1.83%. Illinois Tool Works’s payout ratio is presently 64.20%.
Several equities research analysts have issued reports on ITW shares. Jefferies Group reissued a “buy” rating and issued a $190.00 price objective on shares of Illinois Tool Works in a research report on Wednesday, November 29th. Wells Fargo & Co set a $190.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Monday, December 4th. Robert W. Baird reissued a “hold” rating and issued a $160.00 price objective on shares of Illinois Tool Works in a research report on Sunday, December 3rd. Royal Bank of Canada reissued a “hold” rating and issued a $166.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, December 5th. Finally, BMO Capital Markets boosted their price objective on shares of Illinois Tool Works to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, December 6th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $177.18.
In other news, insider Sundaram Nagarajan sold 18,650 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $178.00, for a total value of $3,319,700.00. Following the completion of the sale, the insider now owns 42,497 shares of the company’s stock, valued at approximately $7,564,466. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is currently owned by corporate insiders.
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About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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