MQS Management LLC Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

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

Several other hedge funds have also recently bought and sold shares of ITW. Gryphon Financial Partners LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $263,000. Jump Financial LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter worth $309,000. TrinityPoint Wealth LLC increased its position in shares of Illinois Tool Works by 2.4% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,068 shares of the industrial products company’s stock worth $1,065,000 after acquiring an additional 95 shares during the period. ING Groep NV raised its stake in shares of Illinois Tool Works by 538.3% in the fourth quarter. ING Groep NV now owns 3,485 shares of the industrial products company’s stock valued at $913,000 after acquiring an additional 2,939 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC boosted its holdings in Illinois Tool Works by 46.0% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,299 shares of the industrial products company’s stock valued at $864,000 after purchasing an additional 1,039 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $252.94 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The firm’s fifty day simple moving average is $245.72 and its 200-day simple moving average is $248.25. The stock has a market cap 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 issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company posted $2.41 earnings per share. Analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.37%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ITW shares. JPMorgan Chase & Co. upped their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating 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 on the stock in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus reduced their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $250.22.

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.