Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Whittier Trust Co.

Whittier Trust Co. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,595 shares of the industrial products company’s stock after selling 3,916 shares during the period. Whittier Trust Co.’s holdings in Illinois Tool Works were worth $8,772,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ITW. Pathstone Holdings LLC raised its position in shares of Illinois Tool Works by 2.0% during the third quarter. Pathstone Holdings LLC now owns 51,783 shares of the industrial products company’s stock worth $13,590,000 after purchasing an additional 994 shares during the period. Strategy Asset Managers LLC raised its position in shares of Illinois Tool Works by 5.9% during the third quarter. Strategy Asset Managers LLC now owns 1,426 shares of the industrial products company’s stock worth $374,000 after purchasing an additional 79 shares during the period. Portfolio Design Labs LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth $275,000. Citizens Financial Group Inc. RI raised its position in Illinois Tool Works by 4.2% during the third quarter. Citizens Financial Group Inc. RI now owns 3,667 shares of the industrial products company’s stock valued at $964,000 after buying an additional 149 shares during the period. Finally, Cypress Capital Group raised its position in Illinois Tool Works by 1.2% during the third quarter. Cypress Capital Group now owns 3,671 shares of the industrial products company’s stock valued at $962,000 after buying an additional 43 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Jefferies Financial Group upped their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Stifel Nicolaus dropped their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Barclays set a $260.00 price target on Illinois Tool Works and gave the company an “equal weight” rating in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $269.10.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $253.19 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The stock’s 50-day moving average is $258.35 and its two-hundred day moving average is $260.40. The firm has a market cap of $74.31 billion, a P/E ratio of 21.60, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.37%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

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.