Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, HoldingsChannel.com reports. The fund purchased 2,100 shares of the industrial products company’s stock, valued at approximately $291,000.
A number of other hedge funds have also made changes to their positions in the stock. Banco de Sabadell S.A purchased a new position in Illinois Tool Works during the second quarter valued at $875,000. Tower Research Capital LLC TRC lifted its position in Illinois Tool Works by 711.9% during the second quarter. Tower Research Capital LLC TRC now owns 14,094 shares of the industrial products company’s stock valued at $1,953,000 after buying an additional 12,358 shares during the period. New England Asset Management Inc. lifted its position in Illinois Tool Works by 704.6% during the second quarter. New England Asset Management Inc. now owns 2,816 shares of the industrial products company’s stock valued at $390,000 after buying an additional 2,466 shares during the period. Hilltop Holdings Inc. lifted its position in Illinois Tool Works by 32.0% during the second quarter. Hilltop Holdings Inc. now owns 1,925 shares of the industrial products company’s stock valued at $267,000 after buying an additional 467 shares during the period. Finally, Signaturefd LLC lifted its position in Illinois Tool Works by 17.0% during the second quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock valued at $355,000 after buying an additional 372 shares during the period. 76.05% of the stock is owned by institutional investors.
ITW opened at $148.44 on Monday. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $49.78 billion, a PE ratio of 20.39, a P/E/G ratio of 1.90 and a beta of 1.24. Illinois Tool Works Inc. has a 1 year low of $134.45 and a 1 year high of $179.07.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Thursday, September 27th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s payout ratio is currently 47.34%.
Illinois Tool Works declared that its board has initiated a stock repurchase program on Friday, August 3rd that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several equities analysts have commented on ITW shares. Morgan Stanley started coverage on Illinois Tool Works in a research report on Monday, August 20th. They set an “equal weight” rating and a $146.00 price objective for the company. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Wells Fargo & Co reissued a “buy” rating and set a $160.00 price objective (down previously from $170.00) on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Goldman Sachs Group lowered Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price objective for the company. in a research report on Monday, July 23rd. Finally, MED lowered Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a research report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $159.53.
In related news, Director Richard H. Lenny purchased 1,778 shares of the stock in a transaction dated Friday, July 27th. The stock was purchased at an average price of $140.85 per share, with a total value of $250,431.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.82% of the stock is owned by insiders.
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.
Further Reading: Moving Average (MA)
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