IHT Wealth Management LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

IHT Wealth Management LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.0% in the fourth quarter, Holdings Channel reports. The firm owned 10,291 shares of the industrial products company’s stock after selling 1,143 shares during the quarter. IHT Wealth Management LLC’s holdings in Illinois Tool Works were worth $2,609,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Prudent Man Investment Management Inc. purchased a new position in Illinois Tool Works in the 4th quarter worth approximately $25,000. Redwood Park Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth $26,000. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $31,000. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of 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 represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $228.00 on Tuesday. The stock has a market cap of $66.89 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The firm has a fifty day moving average price of $249.24 and a 200-day moving average price of $257.65. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Equities 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 business also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 31st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ITW. Evercore ISI lowered their target price 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. UBS Group cut their target price on shares of 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. Stifel Nicolaus lowered their price target on Illinois Tool Works from $259.00 to $227.00 and set a “hold” rating on the stock in a report on Monday, April 14th. Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a research report on Wednesday, February 19th. Two 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’s stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price 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.