Mackenzie Financial Corp Makes New $250,000 Investment in Illinois Tool Works Inc. (NYSE:ITW)

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Mackenzie Financial Corp bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,658 shares of the industrial products company’s stock, valued at approximately $250,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC increased its stake in shares of Illinois Tool Works by 76.0% in the second quarter. Private Advisor Group LLC now owns 36,641 shares of the industrial products company’s stock valued at $5,526,000 after buying an additional 15,824 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Illinois Tool Works by 2.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock valued at $362,170,000 after buying an additional 65,298 shares during the period. First Personal Financial Services increased its stake in shares of Illinois Tool Works by 26.4% in the second quarter. First Personal Financial Services now owns 460 shares of the industrial products company’s stock valued at $69,000 after buying an additional 96 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Illinois Tool Works by 10.4% in the second quarter. Janney Montgomery Scott LLC now owns 88,353 shares of the industrial products company’s stock valued at $13,325,000 after buying an additional 8,288 shares during the period. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Illinois Tool Works in the first quarter valued at about $481,000. 77.46% of the stock is owned by institutional investors and hedge funds.

In related news, insider Michael R. Zimmerman sold 9,325 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the sale, the insider now owns 16,315 shares in the company, valued at approximately $2,610,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Steven L. Martindale sold 48,622 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at approximately $13,179,030.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,458 shares of company stock worth $25,172,163. 0.87% of the stock is owned by corporate insiders.

Shares of Illinois Tool Works stock opened at $154.53 on Friday. Illinois Tool Works Inc. has a one year low of $117.75 and a one year high of $161.71. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.87 and a quick ratio of 2.30. The stock’s 50-day moving average is $152.22 and its 200 day moving average is $151.04. The firm has a market cap of $49.99 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 2.63 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the company earned $1.97 EPS. The firm’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 7.68 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 9th. Investors of record on Monday, September 30th were given a dividend of $1.07 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, September 27th. This represents a $4.28 annualized dividend and a dividend yield of 2.77%. Illinois Tool Works’s dividend payout ratio is presently 56.32%.

ITW has been the subject of several recent research reports. Credit Suisse Group increased their price target on Illinois Tool Works from $124.00 to $152.00 and gave the company a “market perform” rating in a research note on Monday, July 29th. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 price target for the company. in a research note on Tuesday, July 9th. Northcoast Research cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target for the company. in a research note on Wednesday, June 26th. Goldman Sachs Group cut Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price target for the company. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Finally, UBS Group increased their price target on Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $141.75.

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; 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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