Mesirow Financial Investment Management Inc. Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mesirow Financial Investment Management Inc. reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 35,529 shares of the industrial products company’s stock after selling 141 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Illinois Tool Works were worth $8,426,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. PEAK6 Investments LLC grew its position in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 140 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $1,147,000. Norden Group LLC grew its position in shares of Illinois Tool Works by 1,889.1% in the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after purchasing an additional 25,144 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after purchasing an additional 12,065 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in shares of Illinois Tool Works by 78.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after purchasing an additional 16,216 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 1.4 %

NYSE:ITW opened at $251.75 on Monday. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock’s fifty day moving average is $244.54 and its two-hundred day moving average is $248.31. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market capitalization of $75.12 billion, a price-to-earnings ratio of 24.83, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the company earned $2.41 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.38%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of analyst reports. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Barclays decreased their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Evercore ISI decreased their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $250.22.

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.