Mirae Asset Global Investments Co. Ltd. Purchases 89,154 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Mirae Asset Global Investments purchased 89,154 shares of Illinois Tool Works in the third quarter, valued at approximately $22.9 million. Institutional investors collectively own 79.77% of the company.
• Analyst sentiment remains cautious: ITW has an average “Reduce” rating, with one Buy, seven Hold, and five Sell ratings and a consensus price target of $276.33.
• Illinois Tool Works reported quarterly EPS of $3.00, exceeding estimates, while revenue rose 4.5% year over year to $4.24 billion. The company also declared a quarterly dividend of $1.72 per share, equating to a 2.4% annualized yield.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 89,154 shares of the industrial products company's stock, valued at approximately $22,938,000.

Other institutional investors have also recently bought and sold shares of the company. ProShare Advisors LLC lifted its position in Illinois Tool Works by 1.2% in the 3rd quarter. ProShare Advisors LLC now owns 643,565 shares of the industrial products company's stock valued at $165,576,000 after acquiring an additional 7,453 shares in the last quarter. Vise Technologies Inc. increased its holdings in Illinois Tool Works by 11.6% during the 3rd quarter. Vise Technologies Inc. now owns 15,806 shares of the industrial products company's stock worth $4,066,000 after purchasing an additional 1,641 shares in the last quarter. Grandfield & Dodd LLC increased its holdings in Illinois Tool Works by 0.5% during the 3rd quarter. Grandfield & Dodd LLC now owns 162,034 shares of the industrial products company's stock worth $41,688,000 after purchasing an additional 863 shares in the last quarter. Cidel Asset Management Inc. increased its holdings in Illinois Tool Works by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 1,856 shares of the industrial products company's stock worth $478,000 after purchasing an additional 80 shares in the last quarter. Finally, MGO One Seven LLC raised its stake in shares of Illinois Tool Works by 5.7% in the third quarter. MGO One Seven LLC now owns 4,165 shares of the industrial products company's stock worth $1,071,000 after purchasing an additional 224 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ITW shares. Deutsche Bank Aktiengesellschaft dropped their target price on Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating on the stock in a report on Wednesday, September 30th. Citigroup decreased their price target on Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating for the company in a report on Wednesday, October 28th. Weiss Ratings raised shares of Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. JPMorgan Chase & Co. downgraded shares of Illinois Tool Works from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $350.00 to $270.00 in a report on Friday, October 9th. Finally, UBS Group set a $277.00 target price on shares of Illinois Tool Works in a research note on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Illinois Tool Works currently has an average rating of "Reduce" and a consensus price target of $276.33.

Insiders Place Their Bets

In other Illinois Tool Works news, CAO Matteo Pigozzo sold 277 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $289.22, for a total value of $80,113.94. Following the sale, the chief accounting officer directly owned 3,394 shares in the company, valued at $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ernest Santi sold 41,431 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $287.09, for a total value of $11,894,425.79. Following the transaction, the director directly owned 266,288 shares in the company, valued at $76,448,621.92. This represents a 13.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.83% of the company's stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $289.84 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $238.82 and a 52 week high of $303.15. The company's 50 day moving average price is $271.57 and its two-hundred day moving average price is $270.86. The stock has a market cap of $82.37 billion, a P/E ratio of 25.83, a P/E/G ratio of 2.97 and a beta of 0.96. The company has a quick ratio of 0.81, a current ratio of 1.29 and a debt-to-equity ratio of 2.28.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.03. The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. Illinois Tool Works's quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.81 earnings per share. On average, equities analysts predict that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 61.32%.

About Illinois Tool Works

Illinois Tool Works Inc NYSE: ITW is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.

ITW's operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.

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