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NuWave Investment Management LLC Purchases New Position in Illinois Tool Works Inc. (NYSE:ITW)

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NuWave Investment Management LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITWGet Rating) in the first quarter, HoldingsChannel reports. The fund purchased 1,307 shares of the industrial products company’s stock, valued at approximately $274,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. National Bank of Canada FI bought a new stake in Illinois Tool Works in the fourth quarter worth about $5,647,000. Creative Financial Designs Inc. ADV increased its position in shares of Illinois Tool Works by 6.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,791 shares of the industrial products company’s stock worth $442,000 after acquiring an additional 103 shares during the period. KCM Investment Advisors LLC increased its position in shares of Illinois Tool Works by 1.2% during the fourth quarter. KCM Investment Advisors LLC now owns 14,967 shares of the industrial products company’s stock worth $3,694,000 after acquiring an additional 182 shares during the period. Savant Capital LLC increased its position in shares of Illinois Tool Works by 7.1% during the fourth quarter. Savant Capital LLC now owns 7,020 shares of the industrial products company’s stock worth $1,732,000 after acquiring an additional 465 shares during the period. Finally, Congress Wealth Management LLC DE purchased a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $12,262,000. 79.03% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently commented on ITW. UBS Group reduced their target price on shares of Illinois Tool Works to $243.00 and set a “na” rating on the stock in a research report on Wednesday, May 18th. StockNews.com initiated coverage on shares of Illinois Tool Works in a report on Thursday, March 31st. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Illinois Tool Works from $236.00 to $226.00 and set a “hold” rating on the stock in a report on Thursday, April 14th. Morgan Stanley cut their price objective on shares of Illinois Tool Works from $187.00 to $182.00 and set an “underweight” rating on the stock in a report on Tuesday, May 31st. Finally, Stifel Nicolaus cut their price objective on shares of Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating on the stock in a report on Monday, April 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $230.55.

In other 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 transaction of $205,340.00. Following the completion of the sale, the executive vice president now directly owns 7,803 shares in the company, valued at $1,602,268.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.78% of the company’s stock.

NYSE ITW opened at $181.38 on Thursday. The firm’s fifty day simple moving average is $200.89 and its two-hundred day simple moving average is $217.20. 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 Inc. has a 12-month low of $177.33 and a 12-month high of $249.81. The firm has a market capitalization of $56.49 billion, a P/E ratio of 21.31, a P/E/G ratio of 1.98 and a beta of 1.07.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the company earned $2.11 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 9.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 14th. Stockholders of record on Thursday, June 30th will be paid a dividend of $1.22 per share. The ex-dividend date is Wednesday, June 29th. This represents a $4.88 annualized dividend and a dividend yield of 2.69%. Illinois Tool Works’s payout ratio is currently 57.34%.

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.

Further Reading

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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