Baker Avenue Asset Management LP Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Baker Avenue Asset Management LP grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 957 shares of the industrial products company’s stock after purchasing an additional 65 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Illinois Tool Works were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Prudent Man Investment Management Inc. bought a new stake in Illinois Tool Works in the fourth quarter worth about $25,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter worth $26,000. Sugar Maple Asset Management LLC bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at $28,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after buying an additional 84 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Illinois Tool Works during the 4th quarter worth $31,000. 79.77% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the transaction, the director now owns 260,224 shares in the company, valued at $68,516,979.20. The trade was a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ITW has been the topic of several recent research reports. Citigroup dropped their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price objective for the company in a research note on Wednesday, February 19th. Stifel Nicolaus increased their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research report on Thursday, May 1st. Robert W. Baird boosted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research note on Thursday, May 1st. Finally, UBS Group cut their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $256.73.

Illinois Tool Works Stock Down 0.5 %

Shares of ITW opened at $241.09 on Tuesday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a 50 day simple moving average of $244.86 and a two-hundred day simple moving average of $256.30. The firm has a market cap of $70.73 billion, a P/E ratio of 20.57, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter last year, the company earned $2.44 EPS. The firm’s revenue was down 3.4% compared to the same quarter last year. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.49%. Illinois Tool Works’s payout ratio is currently 52.77%.

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.