Harbour Capital Advisors LLC Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Harbour Capital Advisors LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,697 shares of the industrial products company’s stock after selling 97 shares during the quarter. Harbour Capital Advisors LLC’s holdings in Illinois Tool Works were worth $885,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Legacy Advisors LLC lifted its position in shares of Illinois Tool Works by 14.0% during the 1st quarter. Legacy Advisors LLC now owns 987 shares of the industrial products company’s stock worth $246,000 after buying an additional 121 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Illinois Tool Works by 7.1% during the 1st quarter. Asset Management One Co. Ltd. now owns 126,698 shares of the industrial products company’s stock worth $31,422,000 after acquiring an additional 8,424 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Illinois Tool Works by 2.8% in the first quarter. Oppenheimer & Co. Inc. now owns 17,357 shares of the industrial products company’s stock valued at $4,305,000 after acquiring an additional 473 shares during the last quarter. XML Financial LLC boosted its stake in Illinois Tool Works by 8.4% in the first quarter. XML Financial LLC now owns 3,964 shares of the industrial products company’s stock valued at $983,000 after acquiring an additional 307 shares in the last quarter. Finally, Palumbo Wealth Management LLC grew its holdings in shares of Illinois Tool Works by 23.0% during the first quarter. Palumbo Wealth Management LLC now owns 19,774 shares of the industrial products company’s stock worth $4,904,000 after purchasing an additional 3,693 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a report on Thursday, May 1st. Citigroup decreased their price target on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Barclays decreased their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $253.42.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $244.33 on Tuesday. The firm’s fifty day simple moving average is $242.55 and its 200-day simple moving average is $250.54. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The stock has a market cap of $71.59 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 5.18 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $2.44 earnings per share. Analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.46%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 52.77%.

Insider Activity

In related news, Director David Byron Smith, Jr. purchased 872 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company’s stock.

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.