JPMorgan Chase & Co. Sells 52,807 Shares of Illinois Tool Works Inc. (NYSE:ITW)

JPMorgan Chase & Co. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,104,996 shares of the industrial products company’s stock after selling 52,807 shares during the quarter. JPMorgan Chase & Co. owned about 0.37% of Illinois Tool Works worth $280,183,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC boosted its holdings in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares during the period. Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $31,000. Atlantic Private Wealth LLC bought a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $33,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $246.34 on Monday. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $72.27 billion, a PE ratio of 21.02, a PEG ratio of 4.56 and a beta of 1.13. The firm has a 50 day moving average of $258.40 and a 200-day moving average of $260.83. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13.

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

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is presently 51.19%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works 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 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 $13,698,667.50. This represents a 45.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The shares were 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 $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on ITW shares. Truist Financial upped their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Evercore ISI decreased their price target on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 19th. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company cut their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $268.30.

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.