Illinois Tool Works Inc. (NYSE:ITW) Position Lowered by Kraft Davis & Associates LLC

Kraft Davis & Associates LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 12.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 882 shares of the industrial products company’s stock after selling 130 shares during the period. Kraft Davis & Associates LLC’s holdings in Illinois Tool Works were worth $208,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. F M Investments LLC increased its holdings in Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock valued at $227,000 after purchasing an additional 42 shares during the last quarter. Trust Co of the South increased its stake in shares of Illinois Tool Works by 2.9% in the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock valued at $367,000 after acquiring an additional 42 shares during the last quarter. Harbour Investments Inc. raised its position in shares of Illinois Tool Works by 1.2% in the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company’s stock valued at $937,000 after acquiring an additional 44 shares during the period. Integrated Advisors Network LLC boosted its stake in Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock worth $1,504,000 after acquiring an additional 45 shares during the last quarter. Finally, OneAscent Financial Services LLC grew its holdings in shares of Illinois Tool Works by 3.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,323 shares of the industrial products company’s stock valued at $337,000 after buying an additional 47 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ITW. UBS Group decreased their price objective on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Evercore ISI cut their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research note on Monday, May 19th. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Stifel Nicolaus lifted their target price on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Finally, Citigroup decreased their price target on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $253.42.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director now owns 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Trading Up 0.1%

NYSE ITW opened at $246.00 on Thursday. The company has a market cap of $72.08 billion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 5.29 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The business’s fifty day moving average is $243.16 and its 200 day moving average is $250.48.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 earnings per share. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 EPS 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. Investors of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is currently 52.77%.

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.