Beacon Investment Advisory Services Inc. Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Beacon Investment Advisory Services Inc. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 128,498 shares of the industrial products company's stock after selling 2,936 shares during the quarter. Illinois Tool Works comprises approximately 1.5% of Beacon Investment Advisory Services Inc.'s portfolio, making the stock its 19th biggest position. Beacon Investment Advisory Services Inc.'s holdings in Illinois Tool Works were worth $31,869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. Prudent Man Investment Management Inc. bought a new stake in Illinois Tool Works in the 4th quarter worth about $25,000. Redwood Park Advisors LLC bought a new stake in Illinois Tool Works in the 4th quarter worth about $26,000. Ameriflex Group Inc. bought a new stake in Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works in the 1st quarter worth about $26,000. Finally, Glass Jacobson Investment Advisors llc grew its stake in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW stock traded up $0.04 during trading hours on Friday, reaching $261.87. 1,092,980 shares of the company traded hands, compared to its average volume of 1,092,987. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month 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. The company has a market cap of $76.73 billion, a P/E ratio of 23.03, a P/E/G ratio of 5.55 and a beta of 1.09. The firm has a 50-day moving average price of $249.97 and a 200 day moving average price of $249.79.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The firm 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 firm earned $2.44 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Monday, June 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. Illinois Tool Works's dividend payout ratio is presently 52.77%.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.88% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on ITW. UBS Group cut their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Wells Fargo & Company boosted their price target on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Evercore ISI cut their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Finally, Stifel Nicolaus boosted their price target on Illinois Tool Works from $233.00 to $255.00 and gave the company a "hold" rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $255.67.

Illinois Tool Works Company 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.