Paragon Capital Management Ltd Cuts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Paragon Capital Management Ltd decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,000 shares of the industrial products company’s stock after selling 218 shares during the period. Paragon Capital Management Ltd’s holdings in Illinois Tool Works were worth $500,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cibc World Market Inc. grew its stake in shares of Illinois Tool Works by 3.7% in the 1st quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock worth $2,024,000 after buying an additional 348 shares in the last quarter. Cetera Investment Advisers grew its position in Illinois Tool Works by 4.2% in the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after acquiring an additional 368 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Illinois Tool Works by 54.7% in the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after acquiring an additional 1,011 shares in the last quarter. Zions Bancorporation N.A. grew its position in Illinois Tool Works by 9.9% in the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after acquiring an additional 217 shares in the last quarter. Finally, Covestor Ltd grew its position in Illinois Tool Works by 70.7% in the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.

Illinois Tool Works Stock Down 0.6 %

Shares of ITW stock traded down $1.36 during mid-day trading on Friday, hitting $238.31. The stock had a trading volume of 1,541,503 shares, compared to its average volume of 1,074,518. Illinois Tool Works Inc. has a 12-month low of $180.27 and a 12-month high of $264.19. The firm’s 50-day moving average is $245.99 and its two-hundred day moving average is $238.77. The firm has a market capitalization of $72.06 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 4.24 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.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.02. Illinois Tool Works had a net margin of 19.30% and a return on equity of 94.14%. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter in the prior year, the company earned $2.37 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. On average, analysts predict that Illinois Tool Works Inc. will post 9.74 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Morgan Stanley lifted their price target on shares of Illinois Tool Works from $230.00 to $232.00 and gave the stock an “underweight” rating in a research note on Thursday, August 3rd. Barclays dropped their price target on shares of Illinois Tool Works from $213.00 to $198.00 in a research note on Thursday, September 7th. Citigroup boosted their target price on Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company boosted their target price on Illinois Tool Works from $235.00 to $240.00 in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $237.18.

Illinois Tool Works Profile

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.