Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,040 shares of the industrial products company’s stock after selling 2,479 shares during the period. Mackenzie Financial Corp’s holdings in Illinois Tool Works were worth $18,013,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its position in shares of Illinois Tool Works by 7.4% during the 4th quarter. Toronto Dominion Bank now owns 130,387 shares of the industrial products company’s stock worth $33,061,000 after purchasing an additional 8,975 shares in the last quarter. North Star Asset Management Inc. boosted its position in shares of Illinois Tool Works by 0.5% during the 4th quarter. North Star Asset Management Inc. now owns 30,365 shares of the industrial products company’s stock worth $7,699,000 after purchasing an additional 150 shares in the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $6,939,000. Wick Capital Partners LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $291,000. Finally, Breed s Hill Capital LLC lifted its position in shares of Illinois Tool Works by 29.0% during the 4th quarter. Breed s Hill Capital LLC now owns 1,111 shares of the industrial products company’s stock valued at $282,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a research report on Wednesday, February 19th. Barclays dropped their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus raised their price target on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Finally, UBS Group dropped their price target 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. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $253.42.

Insider Activity

In related 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 transaction, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on Friday, March 7th. The stock was 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 directly owns 50,502 shares in the company, valued at $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. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 1.1%

Shares of NYSE:ITW opened at $242.03 on Tuesday. 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 $214.66 and a 52-week high of $279.13. The stock’s fifty day simple moving average is $240.78 and its 200-day simple moving average is $254.57. The company has a market capitalization of $70.91 billion, a P/E ratio of 20.65, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last posted 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. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The company’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.44 earnings per share. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is presently 52.77%.

Illinois Tool Works Company 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.