Nations Financial Group Inc. IA ADV Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Nations Financial Group Inc. IA ADV has reduced its stake in Illinois Tool Works Inc. by 21.1%, now owning 11,053 shares valued at approximately $2.74 million.
• Illinois Tool Works recently reported better-than-expected earnings of $2.58 per share for the last quarter, exceeding analyst estimates by $0.02, with a revenue of $4.05 billion.
• The company has announced an increase in its quarterly dividend from $1.50 to $1.61 per share, reflecting a positive change in its dividend policy and signaling a 2.5% yield for shareholders.

Nations Financial Group Inc. IA ADV cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 21.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,053 shares of the industrial products company's stock after selling 2,947 shares during the period. Nations Financial Group Inc. IA ADV's holdings in Illinois Tool Works were worth $2,741,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sivia Capital Partners LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $214,000. OneAscent Financial Services LLC grew its position in shares of Illinois Tool Works by 25.8% during the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after acquiring an additional 341 shares during the period. EP Wealth Advisors LLC grew its position in shares of Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after acquiring an additional 1,698 shares during the period. Sowell Financial Services LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $946,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Illinois Tool Works by 12.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after acquiring an additional 4,560 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 1.5%

ITW opened at $258.43 on Friday. The firm has a 50-day simple moving average of $253.84 and a two-hundred day simple moving average of $250.15. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $75.33 billion, a PE ratio of 22.65, a price-to-earnings-growth ratio of 5.66 and a beta of 1.09. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business's revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.54 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Insider Activity

In other news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works 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 transaction, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Evercore ISI dropped their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Citigroup upped their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $259.33.

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.

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