Bank of New York Mellon Corp Boosts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Bank of New York Mellon Corp lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,503,537 shares of the industrial products company’s stock after purchasing an additional 46,287 shares during the period. Bank of New York Mellon Corp’s holdings in Illinois Tool Works were worth $634,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC raised its holdings in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works in the third quarter worth approximately $32,000. Ulland Investment Advisors LLC purchased a new position in Illinois Tool Works in the fourth quarter worth approximately $33,000. Finally, Hager Investment Management Services LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $37,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 1.1 %

NYSE:ITW opened at $264.41 on Wednesday. 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 52-week low of $232.77 and a 52-week high of $279.13. The stock’s 50 day moving average price is $256.84 and its 200 day moving average price is $258.91. The company has a market capitalization of $77.60 billion, a PE ratio of 22.56, a P/E/G ratio of 4.56 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. Illinois Tool Works’s payout ratio is 51.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Citigroup lowered their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Evercore ISI cut their target price on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a 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 stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average price target of $269.30.

Insider Transactions at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 260,224 shares in the company, valued at $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.26% of the company’s stock.

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.