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Ipswich Investment Management Co. Inc. Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

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Ipswich Investment Management Co. Inc. grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 0.4% during the first quarter, Holdings Channel reports. The firm owned 18,940 shares of the industrial products company’s stock after purchasing an additional 70 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Illinois Tool Works were worth $3,966,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Wilson & Boucher Capital Management LLC increased its stake in Illinois Tool Works by 3.6% during the first quarter. Wilson & Boucher Capital Management LLC now owns 5,745 shares of the industrial products company’s stock worth $1,203,000 after purchasing an additional 200 shares during the period. Veriti Management LLC increased its stake in shares of Illinois Tool Works by 4.4% during the first quarter. Veriti Management LLC now owns 3,707 shares of the industrial products company’s stock worth $776,000 after buying an additional 156 shares during the period. Maryland State Retirement & Pension System increased its stake in shares of Illinois Tool Works by 1.5% during the first quarter. Maryland State Retirement & Pension System now owns 24,347 shares of the industrial products company’s stock worth $5,098,000 after buying an additional 357 shares during the period. Strategy Asset Managers LLC purchased a new stake in shares of Illinois Tool Works during the first quarter worth approximately $279,000. Finally, Atalanta Sosnoff Capital LLC increased its stake in shares of Illinois Tool Works by 31.5% during the first quarter. Atalanta Sosnoff Capital LLC now owns 1,301 shares of the industrial products company’s stock worth $272,000 after buying an additional 312 shares during the period. Institutional investors own 79.03% of the company’s stock.

In related news, EVP Lei Zhang Schlitz sold 1,000 shares of Illinois Tool Works stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total value of $205,340.00. Following the transaction, the executive vice president now directly owns 7,803 shares in the company, valued at approximately $1,602,268.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.78% of the company’s stock.

ITW stock opened at $182.66 on Wednesday. The company has a market capitalization of $56.89 billion, a P/E ratio of 21.46, a PEG ratio of 2.00 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $177.03 and a twelve month high of $249.81. The business has a 50 day simple moving average of $197.61 and a 200-day simple moving average of $213.34. The company has a current ratio of 1.73, a quick ratio of 1.24 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The industrial products company reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.04. Illinois Tool Works had a net margin of 18.08% and a return on equity of 72.57%. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the firm posted $2.11 EPS. Illinois Tool Works’s quarterly revenue was up 11.1% on a year-over-year basis. Research analysts predict that Illinois Tool Works Inc. will post 9.16 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 14th. Investors of record on Thursday, June 30th will be given a $1.22 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $4.88 dividend on an annualized basis and a yield of 2.67%. Illinois Tool Works’s dividend payout ratio (DPR) is 57.34%.

A number of analysts recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $207.00 to $185.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 29th. UBS Group dropped their price target on shares of Illinois Tool Works to $243.00 and set a “na” rating on the stock in a research note on Wednesday, May 18th. Morgan Stanley dropped their price target on shares of Illinois Tool Works from $187.00 to $182.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 31st. Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating on the stock in a research note on Monday, April 18th. Finally, Barclays dropped their price target on shares of Illinois Tool Works from $192.00 to $180.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $227.09.

About Illinois Tool Works (Get Rating)

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.

See Also

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITWGet Rating).

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



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