MQS Management LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

MQS Management LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 23.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,448 shares of the industrial products company’s stock after selling 757 shares during the period. MQS Management LLC’s holdings in Illinois Tool Works were worth $580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. PEAK6 Investments LLC grew its position in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 140 shares during the period. GSA Capital Partners LLP acquired a new stake in Illinois Tool Works in the 1st quarter worth about $1,147,000. Norden Group LLC increased its stake in Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of Illinois Tool Works by 6.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after acquiring an additional 12,065 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in shares of Illinois Tool Works by 78.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after acquiring an additional 16,216 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $252.94 on Thursday. The firm’s 50-day moving average is $245.72 and its two-hundred day moving average is $248.25. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The company has a market capitalization of $75.48 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.41 earnings per share. Analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.37%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of several research reports. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Stifel Nicolaus decreased their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Barclays dropped their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Finally, Truist Financial decreased their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Company 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.