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

Arcadia Investment Management Corp MI reduced its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,083 shares of the industrial products company's stock after selling 1,946 shares during the period. Illinois Tool Works accounts for approximately 1.6% of Arcadia Investment Management Corp MI's holdings, making the stock its 21st largest holding. Arcadia Investment Management Corp MI's holdings in Illinois Tool Works were worth $8,949,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new position in Illinois Tool Works during the fourth quarter worth about $806,291,000. GAMMA Investing LLC boosted its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after buying an additional 2,057,872 shares during the period. Cerity Partners LLC lifted its stake in Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after buying an additional 508,188 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Illinois Tool Works by 1,899.3% during the fourth quarter. Federated Hermes Inc. now owns 224,921 shares of the industrial products company's stock worth $57,031,000 after buying an additional 213,671 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Down 0.9%

ITW traded down $2.41 during midday trading on Friday, reaching $259.71. The company's stock had a trading volume of 745,703 shares, compared to its average volume of 998,052. The firm has a market capitalization of $76.10 billion, a price-to-earnings ratio of 22.84, a PEG ratio of 5.50 and a beta of 1.09. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The stock's 50-day moving average is $247.15 and its 200-day moving average is $249.55.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the prior year, the company posted $2.44 earnings per share. The business's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.31%. Illinois Tool Works's payout ratio is presently 52.77%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a report on Wednesday, May 7th. Evercore ISI cut their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Robert W. Baird increased their price objective 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. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Finally, Citigroup dropped their price target on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Hold" and a consensus target price of $252.83.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.