Arcadia Investment Management Corp MI Has $8.95 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Arcadia Investment Management Corp MI lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 36,083 shares of the industrial products company's stock after selling 1,946 shares during the period. Illinois Tool Works makes up 1.6% of Arcadia Investment Management Corp MI's investment portfolio, making the stock its 21st biggest holding. Arcadia Investment Management Corp MI's holdings in Illinois Tool Works were worth $8,949,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in ITW. Brighton Jones LLC boosted its holdings in Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after purchasing an additional 277 shares in the last quarter. Assetmark Inc. boosted its holdings in Illinois Tool Works by 6.4% during the fourth quarter. Assetmark Inc. now owns 2,025 shares of the industrial products company's stock valued at $513,000 after purchasing an additional 122 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Illinois Tool Works by 44.9% during the fourth quarter. Proficio Capital Partners LLC now owns 1,730 shares of the industrial products company's stock valued at $439,000 after purchasing an additional 536 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its holdings in Illinois Tool Works by 11.0% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,184 shares of the industrial products company's stock valued at $557,000 after purchasing an additional 217 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in Illinois Tool Works during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on ITW shares. Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Evercore ISI decreased their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. UBS Group cut their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a report on Tuesday, July 1st. Finally, Robert W. Baird lifted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $252.58.

Illinois Tool Works Stock Up 1.2%

Shares of NYSE ITW opened at $257.59 on Wednesday. The stock has a market capitalization of $75.47 billion, a P/E ratio of 22.66, a P/E/G ratio of 5.61 and a beta of 1.09. The company has a 50-day moving average price of $246.28 and a 200-day moving average price of $249.44. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same period in the previous year, the company earned $2.44 earnings per share. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.

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