New Mexico Educational Retirement Board Reduces Position in Illinois Tool Works Inc. (ITW)

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New Mexico Educational Retirement Board lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 25,450 shares of the industrial products company’s stock after selling 800 shares during the period. New Mexico Educational Retirement Board’s holdings in Illinois Tool Works were worth $3,653,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc grew its stake in shares of Illinois Tool Works by 1.3% in the third quarter. Vanguard Group Inc now owns 25,617,374 shares of the industrial products company’s stock worth $3,615,123,000 after acquiring an additional 317,172 shares in the last quarter. Northern Trust Corp grew its stake in shares of Illinois Tool Works by 2.2% in the fourth quarter. Northern Trust Corp now owns 14,161,839 shares of the industrial products company’s stock worth $1,794,164,000 after acquiring an additional 309,895 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Illinois Tool Works by 12,441.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,042,210 shares of the industrial products company’s stock worth $79,000 after acquiring an additional 9,962,137 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Illinois Tool Works by 27.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,820,157 shares of the industrial products company’s stock worth $1,117,426,000 after acquiring an additional 1,907,471 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Illinois Tool Works by 4.9% in the third quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock worth $825,423,000 after acquiring an additional 274,579 shares in the last quarter. Hedge funds and other institutional investors own 78.66% of the company’s stock.

In related news, Vice Chairman Christopher A. O’herlihy sold 43,554 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.79, for a total value of $6,349,737.66. Following the completion of the sale, the insider now directly owns 71,927 shares of the company’s stock, valued at $10,486,237.33. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Juan Valls sold 52,265 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $142.41, for a total transaction of $7,443,058.65. Following the completion of the sale, the executive vice president now directly owns 78,620 shares of the company’s stock, valued at $11,196,274.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,970 shares of company stock valued at $18,348,472. Corporate insiders own 0.87% of the company’s stock.

ITW has been the subject of several research reports. Morgan Stanley downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $131.00 to $115.00 in a research note on Tuesday, December 18th. JPMorgan Chase & Co. downgraded shares of Illinois Tool Works from a “neutral” rating to an “underweight” rating and set a $120.00 price target for the company. in a research note on Thursday, January 10th. Citigroup downgraded shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $144.00 price target for the company. in a research note on Monday, January 14th. Credit Suisse Group restated a “hold” rating and issued a $124.00 price target on shares of Illinois Tool Works in a research note on Tuesday, January 22nd. Finally, Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $128.00 to $124.00 in a research note on Tuesday, February 5th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $136.60.

Illinois Tool Works stock opened at $157.75 on Wednesday. The firm has a market cap of $51.57 billion, a PE ratio of 20.76, a PEG ratio of 2.54 and a beta of 1.19. Illinois Tool Works Inc. has a 12-month low of $117.75 and a 12-month high of $160.21. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.63 and a quick ratio of 1.26.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, February 1st. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.82 by $0.01. The business had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a net margin of 17.35% and a return on equity of 69.48%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.70 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 7.96 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Friday, March 29th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, March 28th. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.63%.

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Illinois Tool Works Company 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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