Zurcher Kantonalbank Zurich Cantonalbank Acquires 3,215 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Illinois Tool Works by 2.3%, acquiring 3,215 additional shares during Q1, bringing its total stake to 140,854 shares valued at approximately $34.93 million.
• Recent price target adjustments by analysts include a reduction from $269 to $234 by UBS Group, amid mixed ratings with three sell, eight hold, two buy, and one strong buy recommendations.
• Illinois Tool Works declared a quarterly dividend of $1.50 per share, equating to an annual yield of 2.29% and a payout ratio of 52.77%.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,854 shares of the industrial products company's stock after purchasing an additional 3,215 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Illinois Tool Works were worth $34,933,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Northern Trust Corp raised its position in Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after acquiring an additional 508,188 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock worth $1,620,491,000 after purchasing an additional 99,753 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Illinois Tool Works by 1.8% during the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock valued at $1,047,837,000 after purchasing an additional 71,934 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Illinois Tool Works by 11.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after purchasing an additional 209,671 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on ITW. Wells Fargo & Company boosted their price target on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. UBS Group dropped their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Finally, Barclays boosted their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $255.67.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $1.75 during trading hours on Monday, hitting $259.95. 754,768 shares of the company traded hands, compared to its average volume of 885,812. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The firm has a 50-day moving average of $250.35 and a 200 day moving average of $250.02. The stock has a market capitalization of $76.17 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 5.52 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating 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 business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's payout ratio is presently 52.77%.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company's stock.

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.