Norden Group LLC Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Norden Group LLC increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 1,889.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,475 shares of the industrial products company’s stock after buying an additional 25,144 shares during the quarter. Norden Group LLC’s holdings in Illinois Tool Works were worth $7,103,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. increased its position in Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 84 shares during the period. Rockline Wealth Management LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at $4,180,000. Nomura Asset Management Co. Ltd. increased its position in Illinois Tool Works by 6.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after purchasing an additional 12,065 shares during the period. Wesbanco Bank Inc. increased its position in Illinois Tool Works by 23.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 1,152 shares during the period. Finally, Ziegler Capital Management LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at $224,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is owned by insiders.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $235.99 on Friday. The stock has a market cap of $70.42 billion, a price-to-earnings ratio of 23.27, a PEG ratio of 3.47 and a beta of 1.10. The firm’s 50-day moving average is $242.56 and its 200 day moving average is $253.38. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research analyst reports. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays dropped their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Finally, Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $254.00.

Illinois Tool Works 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.