First Business Financial Services Inc. Invests $203,000 in Illinois Tool Works Inc. (ITW) Stock

First Business Financial Services Inc. purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,437 shares of the industrial products company’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. North Star Investment Management Corp. raised its stake in shares of Illinois Tool Works by 6.3% in the second quarter. North Star Investment Management Corp. now owns 6,085 shares of the industrial products company’s stock worth $843,000 after purchasing an additional 362 shares during the last quarter. Signaturefd LLC raised 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 acquiring an additional 372 shares in the last quarter. Sky Investment Group LLC raised its position in Illinois Tool Works by 0.9% during the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock valued at $6,270,000 after acquiring an additional 385 shares in the last quarter. Fisher Asset Management LLC raised its position in Illinois Tool Works by 12.2% during the second quarter. Fisher Asset Management LLC now owns 3,635 shares of the industrial products company’s stock valued at $504,000 after acquiring an additional 395 shares in the last quarter. Finally, Woodstock Corp raised its position in Illinois Tool Works by 0.8% during the second quarter. Woodstock Corp now owns 48,433 shares of the industrial products company’s stock valued at $6,710,000 after acquiring an additional 400 shares in the last quarter. 76.24% of the stock is owned by institutional investors and hedge funds.

Shares of ITW opened at $130.71 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.26 and a debt-to-equity ratio of 1.71. Illinois Tool Works Inc. has a 12 month low of $119.38 and a 12 month high of $179.07. The company has a market capitalization of $42.78 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.69 and a beta of 1.25.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $1.71 earnings per share. Illinois Tool Works’s quarterly revenue was down .1% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 7.6 earnings per share for the current year.

Illinois Tool Works announced that its Board of Directors has approved a stock repurchase plan on Friday, August 3rd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 10th. Shareholders of record on Monday, December 31st will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.06%. The ex-dividend date is Friday, December 28th. Illinois Tool Works’s payout ratio is currently 60.70%.

Several research analysts recently weighed in on ITW shares. MED cut Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price target for the company. in a research report on Thursday, July 12th. 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. ValuEngine upgraded Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. Goldman Sachs Group cut Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price target for the company. in a research report on Monday, July 23rd. Finally, Wells Fargo & Co reiterated 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. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $150.18.

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

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