Envestnet Asset Management Inc. Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Asset Management Inc. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 650,786 shares of the industrial products company's stock after selling 8,220 shares during the period. Envestnet Asset Management Inc. owned approximately 0.22% of Illinois Tool Works worth $165,013,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Prudent Man Investment Management Inc. purchased a new position in Illinois Tool Works during the 4th quarter valued at about $25,000. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Millstone Evans Group LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth approximately $31,000. Atlantic Private Wealth LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $33,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, 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 ninety days, insiders have sold 159,925 shares of company stock worth $42,973,845. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Up 2.5 %

NYSE:ITW traded up $5.59 during midday trading on Friday, hitting $232.40. 1,451,463 shares of the company were exchanged, compared to its average volume of 1,007,240. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a market capitalization of $68.18 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. 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 company has a fifty day simple moving average of $252.30 and a 200 day simple moving average of $258.95.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted 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%. As a group, 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 company also recently disclosed 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 2.58%. The ex-dividend date was Monday, March 31st. Illinois Tool Works's payout ratio is currently 51.19%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wells Fargo & Company decreased their target price 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. Barclays lowered their price objective on Illinois Tool Works from $252.00 to $240.00 and set an "equal weight" rating for the company in a research report on Thursday. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Citigroup dropped their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating on the stock in a research report on Monday, January 13th. Finally, Truist Financial lifted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Two 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 assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $264.09.

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.