North Star Asset Management Inc. Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

North Star Asset Management Inc. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,102 shares of the industrial products company’s stock after selling 928 shares during the period. North Star Asset Management Inc.’s holdings in Illinois Tool Works were worth $7,607,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Illinois Tool Works in the fourth quarter worth $818,408,000. Corient Private Wealth LLC increased its holdings in shares of Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after acquiring an additional 346,919 shares in the last quarter. Confluence Investment Management LLC bought a new position in Illinois Tool Works in the 1st quarter valued at approximately $65,747,000. Pinebridge Investments L.P. increased its holdings in shares of Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after purchasing an additional 207,167 shares in the last quarter. Finally, Guinness Asset Management LTD boosted its position in shares of Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after buying an additional 180,458 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ITW shares. Jefferies Financial Group dropped 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 report on Thursday, July 11th. Barclays cut their target price 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. Stifel Nicolaus cut their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $243.81 on Friday. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The stock has a market cap of $72.75 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 4.03 and a beta of 1.10. The firm has a 50-day moving average of $243.19 and a two-hundred day moving average of $248.85. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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 firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.