Evercore Wealth Management LLC Has $6.41 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Evercore Wealth Management LLC cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 25,297 shares of the industrial products company’s stock after selling 1,753 shares during the quarter. Evercore Wealth Management LLC’s holdings in Illinois Tool Works were worth $6,414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the fourth quarter worth $26,000. Sugar Maple Asset Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth $28,000. Glass Jacobson Investment Advisors llc increased its holdings in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after buying an additional 84 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at $31,000. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the business’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 directly owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. 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. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 3.9 %

NYSE ITW opened at $236.49 on Wednesday. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The stock has a market capitalization of $69.38 billion, a P/E ratio of 20.18, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The stock has a fifty day moving average of $248.77 and a 200-day moving average of $257.50.

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, beating 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 forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Monday, March 31st. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Analyst Ratings Changes

Several research firms recently issued reports on ITW. Evercore ISI dropped their price target on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a report on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $259.00 to $227.00 and set a “hold” rating on the stock in a report on Monday, April 14th. Finally, UBS Group dropped their price objective on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $260.09.

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.