Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 6,149 shares of the industrial products company’s stock after selling 268 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Illinois Tool Works were worth $1,559,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $806,291,000. Raymond James Financial Inc. acquired a new position in Illinois Tool Works in the 4th quarter valued at $203,949,000. Cerity Partners LLC raised its stake in Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after purchasing an additional 655,341 shares during the last quarter. Northern Trust Corp boosted its stake in Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in Illinois Tool Works by 36,632.9% during the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock worth $111,209,000 after purchasing an additional 437,397 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Illinois Tool Works

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction on 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 directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This trade represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company cut their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. 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 note on Monday, April 7th. Evercore ISI lowered their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Finally, StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $253.42.

Illinois Tool Works Stock Down 2.1%

Shares of NYSE ITW opened at $244.73 on Thursday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The business’s 50 day moving average is $241.56 and its two-hundred day moving average is $255.35. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The firm has a market cap of $71.71 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period in the previous year, the firm posted $2.44 earnings per share. The company’s revenue was down 3.4% on a year-over-year basis. Research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.45%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

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.