Arcadia Investment Management Corp MI Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Arcadia Investment Management Corp MI decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 10.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,439 shares of the industrial products company’s stock after selling 4,955 shares during the quarter. Illinois Tool Works comprises 1.7% of Arcadia Investment Management Corp MI’s investment portfolio, making the stock its 22nd largest holding. Arcadia Investment Management Corp MI’s holdings in Illinois Tool Works were worth $9,819,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at $26,000. Security National Bank purchased a new stake in Illinois Tool Works in the 4th quarter valued at $28,000. Christopher J. Hasenberg Inc purchased a new stake in Illinois Tool Works in the 1st quarter valued at $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 1st quarter worth $34,000. Finally, Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of analyst reports. Wells Fargo & Company upped 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. Jefferies Financial Group cut their price objective on shares of 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. Evercore ISI cut their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Barclays cut 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 report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Price Performance

NYSE ITW traded up $0.48 during trading hours on Friday, reaching $243.54. The company’s stock had a trading volume of 71,344 shares, compared to its average volume of 1,116,714. The stock has a market cap of $72.67 billion, a PE ratio of 24.20, a PEG ratio of 4.03 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 company’s 50-day moving average is $243.05 and its two-hundred day moving average is $248.92. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last issued 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 net margin of 19.15% and a return on equity of 99.74%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.41 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.46%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Illinois Tool Works 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.