Maverick Capital Ltd. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 42.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,441 shares of the industrial products company’s stock after selling 4,673 shares during the quarter. Maverick Capital Ltd.’s holdings in Illinois Tool Works were worth $1,427,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of ITW. Harbour Investments Inc. purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at $28,000. Bogart Wealth LLC purchased a new position in Illinois Tool Works in the 1st quarter worth $31,000. Retirement Group LLC purchased a new position in Illinois Tool Works in the 4th quarter worth $37,000. Sound Income Strategies LLC raised its position in Illinois Tool Works by 780.0% in the 1st quarter. Sound Income Strategies LLC now owns 176 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 156 shares during the period. Finally, Certified Advisory Corp purchased a new position in Illinois Tool Works in the 1st quarter worth $42,000. Hedge funds and other institutional investors own 77.65% of the company’s stock.
Shares of ITW opened at $229.35 on Thursday. The company’s 50-day moving average is $229.04. The company has a market cap of $72.45 billion, a price-to-earnings ratio of 32.91, a price-to-earnings-growth ratio of 2.29 and a beta of 1.09. The company has a debt-to-equity ratio of 2.32, a current ratio of 2.50 and a quick ratio of 2.02. Illinois Tool Works Inc. has a 1-year low of $180.80 and a 1-year high of $242.07.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Investors of record on Wednesday, June 30th were paid a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Tuesday, June 29th. Illinois Tool Works’s payout ratio is currently 65.14%.
A number of equities analysts recently commented on ITW shares. Credit Suisse Group lifted their target price on shares of Illinois Tool Works from $242.00 to $261.00 and gave the stock an “outperform” rating in a research report on Monday, May 3rd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Illinois Tool Works from $227.00 to $238.00 and gave the stock a “hold” rating in a report on Wednesday, July 14th. Morgan Stanley raised their price target on shares of Illinois Tool Works from $189.00 to $207.00 and gave the stock an “underweight” rating in a report on Monday, May 3rd. Argus raised their price target on shares of Illinois Tool Works from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, May 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $225.47.
In related news, CAO Randall J. Scheuneman sold 6,820 shares of the business’s stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $237.32, for a total transaction of $1,618,522.40. Following the sale, the chief accounting officer now owns 14,622 shares of the company’s stock, valued at $3,470,093.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.80% of the company’s stock.
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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