West Coast Financial LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 50,574 shares of the industrial products company’s stock, valued at approximately $7,137,000. Illinois Tool Works accounts for about 1.6% of West Coast Financial LLC’s investment portfolio, making the stock its 18th largest holding.
Several other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in Illinois Tool Works during the second quarter valued at $109,837,000. Bristol John W & Co. Inc. NY acquired a new position in Illinois Tool Works during the third quarter valued at $55,822,000. Millennium Management LLC raised its position in Illinois Tool Works by 786.2% during the first quarter. Millennium Management LLC now owns 427,605 shares of the industrial products company’s stock valued at $66,989,000 after buying an additional 379,356 shares during the period. Schroder Investment Management Group raised its position in Illinois Tool Works by 68.0% during the second quarter. Schroder Investment Management Group now owns 871,859 shares of the industrial products company’s stock valued at $120,803,000 after buying an additional 352,757 shares during the period. Finally, OppenheimerFunds Inc. raised its position in Illinois Tool Works by 28.3% during the second quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock valued at $219,489,000 after buying an additional 349,717 shares during the period. 76.18% of the stock is currently owned by institutional investors.
NYSE ITW traded down $1.32 on Friday, reaching $127.11. The stock had a trading volume of 121,304 shares, compared to its average volume of 1,553,970. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.73 and a quick ratio of 1.35. Illinois Tool Works Inc. has a 1 year low of $126.68 and a 1 year high of $179.07. The company has a market capitalization of $44.27 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 1.71 and a beta of 1.22.
Illinois Tool Works declared that its Board of Directors has approved a share repurchase plan on Friday, August 3rd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a yield of 3.15%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s payout ratio is 60.70%.
In other news, Director Richard H. Lenny bought 1,778 shares of the stock in a transaction on Friday, July 27th. The shares were purchased at an average price of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.90% of the company’s stock.
Several research firms recently weighed in on ITW. Wells Fargo & Co reissued a “buy” rating and set a $160.00 price target (down from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Deutsche Bank set a $152.00 price target on Illinois Tool Works and gave the company a “hold” rating in a research report on Thursday, July 12th. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Goldman Sachs Group reissued a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Finally, ValuEngine lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $158.94.
About Illinois Tool Works
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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