Oak Asset Management LLC Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Oak Asset Management LLC lessened its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,903 shares of the industrial products company’s stock after selling 56 shares during the quarter. Oak Asset Management LLC’s holdings in Illinois Tool Works were worth $1,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $28,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works during the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent research reports. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Citigroup lifted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays lowered their price objective on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company lowered their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $256.44.

Illinois Tool Works Stock Down 0.2 %

Illinois Tool Works stock opened at $236.96 on Monday. The firm has a market cap of $70.71 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 3.48 and a beta of 1.10. The stock has a fifty day simple moving average of $243.51 and a two-hundred day simple moving average of $253.84. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the company posted $2.33 earnings per share. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.26% of the stock is currently owned by corporate insiders.

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.