Rhumbline Advisers Increases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Rhumbline Advisers raised its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 529,594 shares of the industrial products company's stock after purchasing an additional 8,979 shares during the quarter. Rhumbline Advisers owned 0.18% of Illinois Tool Works worth $131,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. Prudent Man Investment Management Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $25,000. Redwood Park Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter valued at about $26,000. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc boosted its position in 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 buying an additional 84 shares during the period. Finally, Millstone Evans Group LLC bought a new position in Illinois Tool Works during the 4th quarter worth approximately $31,000. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW stock traded up $0.16 during midday trading on Thursday, hitting $246.67. The company's stock had a trading volume of 224,429 shares, compared to its average volume of 1,007,358. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The company has a 50 day moving average of $239.71 and a two-hundred day moving average of $253.52. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm has a market capitalization of $72.27 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 4.56 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter last year, the business posted $2.44 EPS. The firm's revenue for the quarter was down 3.4% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. Illinois Tool Works's payout ratio is 52.77%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ITW shares. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Citigroup decreased their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Evercore ISI lowered their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Robert W. Baird lifted their target price 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. Finally, UBS Group lowered their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $253.42.

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.