Carnegie Investment Counsel Has $4.75 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Carnegie Investment Counsel increased its stake in Illinois Tool Works Inc. by 34.2%, holding 20,745 shares valued at approximately $4.75 million after purchasing an additional 5,289 shares.
• Illinois Tool Works reported $2.38 EPS for the latest quarter, beating the consensus estimate by $0.04, with revenue of $3.84 billion, slightly above analyst expectations.
• The company announced a quarterly dividend of $1.50 per share, reflecting a 2.29% yield, with a dividend payout ratio of 52.77%.

Carnegie Investment Counsel raised its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 34.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,745 shares of the industrial products company's stock after purchasing an additional 5,289 shares during the period. Carnegie Investment Counsel's holdings in Illinois Tool Works were worth $4,747,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Prudent Man Investment Management Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $25,000. Redwood Park Advisors LLC acquired a new stake in Illinois Tool Works during the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works during the fourth quarter valued at approximately $26,000. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works during the first quarter valued at approximately $26,000. Finally, Glass Jacobson Investment Advisors llc grew its holdings in shares of Illinois Tool Works by 336.0% during the fourth 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 last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW traded down $0.19 during trading hours on Monday, hitting $261.52. 133,015 shares of the company were exchanged, compared to its average volume of 1,086,069. The firm has a fifty day simple moving average of $250.18 and a 200-day simple moving average of $249.92. The company has a market capitalization of $76.62 billion, a PE ratio of 23.00, a PEG ratio of 5.52 and a beta of 1.09. Illinois Tool Works Inc. has a one year low of $214.66 and a one 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 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 analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 earnings per share. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

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

Insider Activity

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented 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 report on Thursday, May 1st. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a report on Wednesday, May 7th. Stifel Nicolaus increased their price objective on Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a report on Monday, July 21st. Evercore ISI decreased their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Finally, Barclays increased their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Hold" and an average price target of $255.67.

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.