Bailard Inc. Lowers Stake in Illinois Tool Works Inc. (NYSE:ITW)

Bailard Inc. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,937 shares of the industrial products company’s stock after selling 99 shares during the period. Bailard Inc.’s holdings in Illinois Tool Works were worth $3,303,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Security National Bank purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Christopher J. Hasenberg Inc purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $34,000. Finally, Rise Advisors LLC purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.7 %

Shares of NYSE:ITW opened at $248.60 on Tuesday. The company has a market cap of $74.18 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 3.80 and a beta of 1.10. 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 50-day simple moving average is $241.64 and its 200-day simple moving average is $249.17. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the previous year, the firm posted $2.41 EPS. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced 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. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 59.17%.

Wall Street Analyst Weigh In

ITW has been the subject of several recent research reports. Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $250.22.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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.