Illinois Tool Works Inc. (NYSE:ITW) Stake Lowered by Cornerstone Capital Inc.

Cornerstone Capital Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,735 shares of the industrial products company’s stock after selling 70 shares during the quarter. Cornerstone Capital Inc.’s holdings in Illinois Tool Works were worth $1,201,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Barclays PLC lifted its stake in shares of Illinois Tool Works by 1.7% in the third quarter. Barclays PLC now owns 776,966 shares of the industrial products company’s stock valued at $203,619,000 after buying an additional 12,988 shares during the period. Tudor Financial Inc. bought a new stake in shares of Illinois Tool Works during the third quarter valued at approximately $759,000. World Investment Advisors LLC raised its stake in shares of Illinois Tool Works by 6.7% in the third quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company’s stock valued at $4,186,000 after purchasing an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its position in Illinois Tool Works by 128.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company’s stock worth $6,084,000 after purchasing an additional 13,062 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after acquiring an additional 398,676 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

ITW stock opened at $230.68 on Friday. The company’s 50-day moving average price is $249.80 and its two-hundred day moving average price is $257.91. The firm has a market cap of $67.67 billion, a P/E ratio of 19.68, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating 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%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.60%. The ex-dividend date was Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 of the company’s stock, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the transaction, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 159,925 shares of company stock worth $42,973,845. Company insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. UBS Group cut their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. reduced their price target on shares of 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. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $259.00 to $227.00 and set a “hold” rating for the company in a research report on Monday, April 14th. Finally, Citigroup cut their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $260.09.

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.