Mirae Asset Global Investments Co. Ltd. Acquires 3,797 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,884 shares of the industrial products company’s stock after purchasing an additional 3,797 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $8,152,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Capital Research Global Investors raised its position in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares during the period. Legal & General Group Plc raised its position in Illinois Tool Works by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after buying an additional 133,853 shares during the last quarter. Guinness Asset Management LTD raised its position in Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after buying an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in Illinois Tool Works by 7.3% in the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after buying an additional 50,753 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of analyst reports. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group lowered their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, five 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 currently has an average rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Stock Up 1.1 %

ITW opened at $256.87 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market cap of $76.65 billion, a price-to-earnings ratio of 25.33, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $221.82 and a twelve month high of $271.15. The company’s 50-day moving average price is $254.36 and its two-hundred day moving average price is $247.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.41 EPS. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 59.17%.

About Illinois Tool Works

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.