Signature Wealth Management Group Buys 4,376 Shares of Illinois Tool Works Inc. (ITW)

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Signature Wealth Management Group lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2,210.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,574 shares of the industrial products company’s stock after purchasing an additional 4,376 shares during the period. Signature Wealth Management Group’s holdings in Illinois Tool Works were worth $576,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in shares of Illinois Tool Works by 25.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock worth $975,518,000 after purchasing an additional 1,401,794 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Illinois Tool Works by 1.6% in the 2nd quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock worth $813,935,000 after purchasing an additional 93,269 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Illinois Tool Works by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock worth $550,369,000 after purchasing an additional 44,036 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Illinois Tool Works by 7.3% in the 2nd quarter. Janus Henderson Group PLC now owns 3,774,594 shares of the industrial products company’s stock worth $522,934,000 after purchasing an additional 257,819 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in Illinois Tool Works by 28.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock worth $219,489,000 after buying an additional 349,717 shares during the period. Institutional investors and hedge funds own 76.24% of the company’s stock.

Several analysts recently commented on ITW shares. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Tuesday, September 11th. Morgan Stanley started coverage on Illinois Tool Works in a research note on Monday, August 20th. They set an “equal weight” rating and a $146.00 price objective on the stock. Wells Fargo & Co reaffirmed a “buy” rating and set a $150.00 price objective (down previously from $160.00) on shares of Illinois Tool Works in a research note on Wednesday, October 17th. Gordon Haskett started coverage on Illinois Tool Works in a research note on Friday, October 12th. They set a “hold” rating on the stock. Finally, ValuEngine downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the stock. Illinois Tool Works currently has an average rating of “Hold” and an average price target of $150.18.

Shares of ITW traded up $3.95 during midday trading on Tuesday, hitting $129.77. The stock had a trading volume of 120,378 shares, compared to its average volume of 2,159,388. Illinois Tool Works Inc. has a twelve month low of $119.38 and a twelve month high of $179.07. The company has a market capitalization of $41.62 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $1.71 EPS. The company’s revenue for the quarter was down .1% on a year-over-year basis. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 7.6 earnings per share for the current fiscal year.

Illinois Tool Works announced that its board has initiated a stock buyback plan on Friday, August 3rd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were paid a $1.00 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date was Thursday, September 27th. This represents a $4.00 annualized dividend and a dividend yield of 3.08%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 60.70%.

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

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