Railway Pension Investments Ltd Acquires 13,600 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Railway Pension Investments Ltd increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 29.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,663 shares of the industrial products company’s stock after acquiring an additional 13,600 shares during the quarter. Railway Pension Investments Ltd’s holdings in Illinois Tool Works were worth $16,009,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter valued at about $818,408,000. Corient Private Wealth LLC increased its stake in Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after acquiring an additional 346,919 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at $65,747,000. Finally, Pinebridge Investments L.P. increased its stake in shares of Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after purchasing an additional 207,167 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday. Jefferies Financial Group decreased their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Truist Financial lowered their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $248.67.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Trading Up 0.7 %

NYSE:ITW traded up $1.59 during trading hours on Friday, hitting $243.85. 1,281,644 shares of the company were exchanged, compared to its average volume of 1,134,753. The company has a fifty day simple moving average of $240.94 and a 200 day simple moving average of $251.06. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The stock has a market capitalization of $72.76 billion, a price-to-earnings ratio of 24.05, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.41 earnings per share. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

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.