Price T Rowe Associates Inc. MD lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 8.7% in the 1st quarter, Holdings Channel reports. The firm owned 862,761 shares of the industrial products company’s stock after selling 82,354 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Illinois Tool Works were worth $231,506,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $818,408,000. Corient Private Wealth LLC lifted its holdings in Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Illinois Tool Works by 23,183.6% during the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in Illinois Tool Works during the 1st quarter worth $65,747,000. Finally, Pinebridge Investments L.P. grew its holdings in shares of Illinois Tool Works by 380.7% during the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after buying an additional 207,167 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.
Illinois Tool Works Trading Up 1.5 %
Shares of Illinois Tool Works stock traded up $3.66 during trading hours on Friday, hitting $247.49. The company’s stock had a trading volume of 882,230 shares, compared to its average volume of 1,069,821. The firm has a fifty day moving average of $240.92 and a 200-day moving average of $251.31. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The stock has a market cap of $73.85 billion, a price-to-earnings ratio of 24.41, a P/E/G ratio of 3.76 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.
Illinois Tool Works Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were issued a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.26%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on ITW. Citigroup boosted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Saturday, July 20th. Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, Barclays reduced their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $253.30.
Check Out Our Latest Analysis on ITW
Insider Transactions at Illinois Tool Works
In other news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction dated Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.
About Illinois Tool Works
Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.
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