Ropes Wealth Advisors LLC Buys 279 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Ropes Wealth Advisors LLC grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 2.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 10,087 shares of the industrial products company’s stock after purchasing an additional 279 shares during the period. Ropes Wealth Advisors LLC’s holdings in Illinois Tool Works were worth $2,489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Eaton Vance Management raised its stake in Illinois Tool Works by 25.6% during the third quarter. Eaton Vance Management now owns 1,526,443 shares of the industrial products company’s stock worth $313,942,000 after buying an additional 311,548 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Illinois Tool Works by 81.2% during the third quarter. Neuberger Berman Group LLC now owns 580,302 shares of the industrial products company’s stock valued at $119,095,000 after buying an additional 260,031 shares during the last quarter. Johnson Investment Counsel Inc. grew its holdings in shares of Illinois Tool Works by 2,303.2% during the third quarter. Johnson Investment Counsel Inc. now owns 211,192 shares of the industrial products company’s stock valued at $43,891,000 after buying an additional 202,404 shares during the last quarter. Worldquant Millennium Advisors LLC grew its holdings in shares of Illinois Tool Works by 949.1% during the third quarter. Worldquant Millennium Advisors LLC now owns 146,202 shares of the industrial products company’s stock valued at $30,210,000 after buying an additional 132,266 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Illinois Tool Works by 4.5% during the third quarter. Goldman Sachs Group Inc. now owns 2,727,000 shares of the industrial products company’s stock worth $563,479,000 after purchasing an additional 117,873 shares during the last quarter. 79.03% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Lei Zhang Schlitz sold 1,000 shares of the stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $205.34, for a total value of $205,340.00. Following the completion of the transaction, the executive vice president now directly owns 7,803 shares of the company’s stock, valued at approximately $1,602,268.02. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Several analysts have commented on the stock. Barclays lowered their price objective on shares of Illinois Tool Works from $200.00 to $192.00 in a research report on Wednesday, May 4th. Credit Suisse Group reduced their price objective on shares of Illinois Tool Works from $267.00 to $261.00 in a research note on Wednesday, May 4th. Stifel Nicolaus cut their price target on shares of Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating for the company in a research note on Monday, April 18th. JPMorgan Chase & Co. raised shares of Illinois Tool Works from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $262.00 to $255.00 in a research note on Monday, March 28th. Finally, Morgan Stanley lowered their price target on shares of Illinois Tool Works from $210.00 to $197.00 and set an “underweight” rating for the company in a report on Thursday, April 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $232.64.

Shares of ITW stock traded up $0.05 on Friday, hitting $207.64. The stock had a trading volume of 1,492,021 shares, compared to its average volume of 1,296,402. The company has a quick ratio of 1.24, a current ratio of 1.73 and a debt-to-equity ratio of 1.90. The business has a 50 day moving average price of $206.25 and a 200 day moving average price of $224.31. The company has a market cap of $64.67 billion, a PE ratio of 24.40, a P/E/G ratio of 2.46 and a beta of 1.07. Illinois Tool Works Inc. has a one year low of $195.25 and a one year high of $249.81.

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

The firm also recently announced 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. This represents a $4.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, June 29th. Illinois Tool Works’s payout ratio is 57.34%.

Illinois Tool Works Company Profile (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

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

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