Illinois Tool Works Inc. (NYSE:ITW) Stake Lifted by Spears Abacus Advisors LLC

Spears Abacus Advisors LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 16.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,548 shares of the industrial products company’s stock after acquiring an additional 215 shares during the period. Spears Abacus Advisors LLC’s holdings in Illinois Tool Works were worth $377,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ITW. Flputnam Investment Management Co. boosted its position in shares of Illinois Tool Works by 41.6% in the first quarter. Flputnam Investment Management Co. now owns 7,547 shares of the industrial products company’s stock worth $1,837,000 after buying an additional 2,216 shares during the period. One Capital Management LLC purchased a new position in Illinois Tool Works during the first quarter valued at approximately $249,000. Journey Advisory Group LLC grew its position in Illinois Tool Works by 6.5% during the first quarter. Journey Advisory Group LLC now owns 2,878 shares of the industrial products company’s stock valued at $701,000 after purchasing an additional 175 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Illinois Tool Works by 22.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 20,404 shares of the industrial products company’s stock worth $4,967,000 after purchasing an additional 3,678 shares during the last quarter. Finally, White Pine Capital LLC increased its position in Illinois Tool Works by 2.0% in the 1st quarter. White Pine Capital LLC now owns 7,832 shares of the industrial products company’s stock worth $1,907,000 after purchasing an additional 153 shares during the last quarter. 79.56% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded down $0.01 during midday trading on Tuesday, reaching $238.03. The company’s stock had a trading volume of 427,232 shares, compared to its average volume of 1,068,324. Illinois Tool Works Inc. has a fifty-two week low of $180.27 and a fifty-two week high of $264.19. The company has a market capitalization of $71.98 billion, a P/E ratio of 23.55, a P/E/G ratio of 4.25 and a beta of 1.15. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.59 and a quick ratio of 1.11. The business’s fifty day simple moving average is $246.59 and its 200-day simple moving average is $238.66.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.02. Illinois Tool Works had a return on equity of 94.14% and a net margin of 19.30%. The company had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period last year, the company posted $2.37 earnings per share. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 9.74 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Friday, September 29th will be given a dividend of $1.40 per share. The ex-dividend date is Thursday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.31. This represents a $5.60 dividend on an annualized basis and a yield of 2.35%. Illinois Tool Works’s dividend payout ratio is presently 55.39%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ITW shares. Citigroup raised their price target on shares of Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Wells Fargo & Company boosted their target price on Illinois Tool Works from $235.00 to $240.00 in a report on Monday, July 10th. Barclays cut their price target on Illinois Tool Works from $213.00 to $198.00 in a report on Thursday, September 7th. Finally, Credit Suisse Group upped their price target on Illinois Tool Works from $281.00 to $292.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $237.18.

Read Our Latest Research Report on ITW

Illinois Tool Works Company Profile

(Free Report)

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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