Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Qsemble Capital Management LP

Qsemble Capital Management LP reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 35.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,753 shares of the industrial products company’s stock after selling 3,733 shares during the period. Qsemble Capital Management LP’s holdings in Illinois Tool Works were worth $1,600,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ITW. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Security National Bank acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the second quarter valued at approximately $30,000. Christopher J. Hasenberg Inc acquired a new position in Illinois Tool Works in the first quarter valued at approximately $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the first quarter worth $34,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research reports. Stifel Nicolaus decreased their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Truist Financial decreased their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company upped their price target on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Up 0.5 %

Illinois Tool Works stock opened at $248.20 on Friday. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The stock’s fifty day simple moving average is $244.16 and its 200-day simple moving average is $248.55. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The firm has a market capitalization of $74.06 billion, a P/E ratio of 24.48, a P/E/G ratio of 3.88 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.41 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.18 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 11th. Investors of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.42%. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is 59.17%.

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.