Independent Advisor Alliance Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Independent Advisor Alliance trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,341 shares of the industrial products company’s stock after selling 241 shares during the period. Independent Advisor Alliance’s holdings in Illinois Tool Works were worth $4,797,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. F M Investments LLC grew its position in shares of Illinois Tool Works by 4.9% in the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company’s stock worth $227,000 after buying an additional 42 shares during the last quarter. Trust Co of the South lifted its stake in Illinois Tool Works by 2.9% in the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company’s stock worth $367,000 after acquiring an additional 42 shares during the period. Clearstead Trust LLC boosted its holdings in Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company’s stock valued at $1,180,000 after acquiring an additional 43 shares in the last quarter. Northern Financial Advisors Inc increased its position in Illinois Tool Works by 1.9% during the 1st quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company’s stock valued at $582,000 after purchasing an additional 44 shares during the period. Finally, Integrated Advisors Network LLC raised its holdings in Illinois Tool Works by 0.8% in the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company’s stock worth $1,504,000 after purchasing an additional 45 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $256.98 on Monday. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company has a 50 day moving average price of $252.29 and a 200-day moving average price of $249.99. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The firm has a market capitalization of $74.91 billion, a PE ratio of 22.52, a P/E/G ratio of 5.54 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $2.54 earnings per share. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $1.61 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 56.44%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ITW shares. UBS Group boosted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Stifel Nicolaus increased their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. Wells Fargo & Company upped their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Finally, Robert W. Baird upped their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $259.33.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

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.