OVERSEA CHINESE BANKING Corp Ltd Invests $249,000 in Illinois Tool Works Inc. (NYSE:ITW)

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,003 shares of the industrial products company's stock, valued at approximately $249,000.

A number of other hedge funds have also modified their holdings of ITW. Sivia Capital Partners LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $214,000. EP Wealth Advisors LLC grew its stake in Illinois Tool Works by 42.2% in the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after acquiring an additional 1,698 shares during the period. Sowell Financial Services LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $946,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock worth $10,242,000 after acquiring an additional 4,560 shares during the period. Finally, Alteri Wealth LLC purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $224,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on ITW shares. Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Finally, Barclays boosted their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $253.83.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 872 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $256.81 on Thursday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The firm has a market capitalization of $75.24 billion, a P/E ratio of 22.59, a P/E/G ratio of 5.42 and a beta of 1.09. The company's fifty day moving average price is $248.48 and its two-hundred day moving average price is $249.53.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The firm's revenue was down 3.4% compared to the same quarter last year. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's payout ratio is currently 52.77%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.

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