Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 91.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,874 shares of the industrial products company’s stock after selling 64,390 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Illinois Tool Works were worth $1,392,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ITW. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $28,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the first quarter valued at approximately $34,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the second quarter worth approximately $30,000. Rise Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $35,000. Finally, General Partner Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ITW shares. Wells Fargo & Company upped their target price on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Evercore ISI lowered their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Truist Financial reduced their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group lowered their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Argus raised shares of 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 assigned 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, the company presently has an average rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $256.72 on Tuesday. 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 stock has a 50 day simple moving average of $246.44 and a 200-day simple moving average of $248.10. The company has a market cap of $76.61 billion, a price-to-earnings ratio of 25.32, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.41 earnings per share. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business 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 $1.50 dividend. The ex-dividend date is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) 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.