Lecap Asset Management Ltd. Has $1.28 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Lecap Asset Management Ltd. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 68.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,405 shares of the industrial products company’s stock after selling 11,515 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Illinois Tool Works were worth $1,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works during the fourth quarter worth about $26,000. Security National Bank bought a new position in Illinois Tool Works in the 4th quarter worth about $28,000. Christopher J. Hasenberg Inc purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at about $34,000. Finally, General Partner Inc. purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 1.3 %

Shares of NYSE ITW traded up $3.25 during mid-day trading on Wednesday, reaching $246.63. The company had a trading volume of 668,555 shares, compared to its average volume of 1,146,081. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The business’s 50-day moving average is $241.11 and its 200-day moving average is $249.36. The stock has a market cap of $73.59 billion, a price-to-earnings ratio of 24.32, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the company posted $2.41 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities analysts expect that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.43%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of several recent analyst reports. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Evercore ISI decreased their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Barclays reduced their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Finally, Truist Financial lowered their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works 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.