Mission Wealth Management LP Boosts Position in Illinois Tool Works Inc. (NYSE:ITW)

Mission Wealth Management LP increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 16.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,083 shares of the industrial products company’s stock after purchasing an additional 299 shares during the quarter. Mission Wealth Management LP’s holdings in Illinois Tool Works were worth $402,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. APG Asset Management N.V. increased its position in Illinois Tool Works by 330.2% during the first quarter. APG Asset Management N.V. now owns 336,164 shares of the industrial products company’s stock worth $47,776,000 after buying an additional 258,030 shares during the period. Tudor Investment Corp Et Al acquired a new position in Illinois Tool Works during the first quarter worth approximately $315,000. Invesco Ltd. increased its position in Illinois Tool Works by 12.9% during the first quarter. Invesco Ltd. now owns 846,429 shares of the industrial products company’s stock worth $120,295,000 after buying an additional 96,536 shares during the period. BDO Wealth Advisors LLC acquired a new position in Illinois Tool Works during the first quarter worth approximately $107,000. Finally, Squarepoint Ops LLC acquired a new position in Illinois Tool Works during the first quarter worth approximately $7,680,000. Hedge funds and other institutional investors own 78.12% of the company’s stock.

Shares of ITW stock opened at $206.64 on Friday. The business’s fifty day moving average price is $197.01 and its 200 day moving average price is $177.70. Illinois Tool Works Inc. has a 1-year low of $115.94 and a 1-year high of $207.75. The firm has a market capitalization of $65.33 billion, a PE ratio of 30.34, a P/E/G ratio of 6.37 and a beta of 1.15. The company has a debt-to-equity ratio of 3.29, a current ratio of 2.75 and a quick ratio of 2.18.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.31. Illinois Tool Works had a return on equity of 81.80% and a net margin of 17.16%. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company posted $1.91 earnings per share. Illinois Tool Works’s quarterly revenue was down 29.0% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 5.78 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th were issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Tuesday, September 29th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.07. Illinois Tool Works’s dividend payout ratio is currently 58.84%.

Several research analysts have commented on the company. Barclays assumed coverage on Illinois Tool Works in a research report on Tuesday, August 25th. They set an “equal weight” rating and a $197.00 price target on the stock. Morgan Stanley lifted their price target on Illinois Tool Works from $162.00 to $167.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 13th. Wells Fargo & Company lifted their price target on Illinois Tool Works from $205.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. They noted that the move was a valuation call. Bank of America boosted their target price on Illinois Tool Works from $130.00 to $175.00 and gave the company an “underperform” rating in a report on Monday, August 3rd. Finally, Credit Suisse Group boosted their target price on Illinois Tool Works from $174.00 to $195.00 in a report on Monday, August 3rd. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the stock. Illinois Tool Works has an average rating of “Hold” and a consensus price target of $173.69.

In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $194.58, for a total transaction of $5,779,415.16. Following the sale, the insider now directly owns 63,300 shares in the company, valued at $12,316,914. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 66,821 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $187.09, for a total value of $12,501,540.89. Following the sale, the chief financial officer now owns 52,319 shares in the company, valued at $9,788,361.71. The disclosure for this sale can be found here. Insiders have sold 143,879 shares of company stock worth $27,240,677 in the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

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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