Mitchell Sinkler & Starr PA Lowers Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Mitchell Sinkler & Starr PA reduced its stake in Illinois Tool Works Inc. by 38.4%, now holding shares worth approximately $580,000 after selling 1,457 shares in the first quarter.
• The company reported $2.38 EPS for the most recent quarter, exceeding analysts' expectations of $2.34, although revenue declined by 3.4% compared to the previous year.
• Illinois Tool Works recently announced a quarterly dividend of $1.50, resulting in an annualized dividend yield of 2.29% and a payout ratio of 52.77%.

Mitchell Sinkler & Starr PA decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 38.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,340 shares of the industrial products company's stock after selling 1,457 shares during the period. Mitchell Sinkler & Starr PA's holdings in Illinois Tool Works were worth $580,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. bought a new position in Illinois Tool Works during the fourth quarter valued at approximately $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the fourth quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works during the 1st quarter worth $26,000. Finally, Glass Jacobson Investment Advisors llc boosted 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 worth $28,000 after acquiring an additional 84 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the purchase, 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 at this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

NYSE ITW traded down $1.75 on Monday, reaching $259.95. The company had a trading volume of 754,768 shares, compared to its average volume of 885,812. 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 capitalization of $76.17 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 5.52 and a beta of 1.09. The firm's 50 day moving average price is $250.35 and its 200 day moving average price is $250.02. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

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

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ITW. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Barclays lifted their price target on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a research note on Monday, July 21st. Evercore ISI dropped 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. Finally, Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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.