Envestnet Portfolio Solutions Inc. Sells 11,498 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Portfolio Solutions Inc. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 30.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,056 shares of the industrial products company's stock after selling 11,498 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Illinois Tool Works were worth $6,607,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ITW. Pensionfund Sabic boosted its position in Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company's stock valued at $1,876,000 after buying an additional 2,000 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock valued at $358,321,000 after acquiring an additional 398,676 shares in the last quarter. Clark & Stuart Inc acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $1,729,000. Czech National Bank grew its position in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company's stock worth $14,774,000 after acquiring an additional 3,227 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in Illinois Tool Works by 11.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company's stock worth $9,680,000 after purchasing an additional 3,903 shares in the last quarter. Institutional investors own 79.77% of the company's stock.

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Illinois Tool Works Stock Down 0.9 %

Shares of Illinois Tool Works stock traded down $2.31 on Friday, hitting $251.05. The company had a trading volume of 1,565,940 shares, compared to its average volume of 934,999. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year 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 50 day moving average of $258.35 and a 200-day moving average of $260.40. The stock has a market capitalization of $73.68 billion, a price-to-earnings ratio of 21.42, a P/E/G ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) 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%. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.39%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target on the stock in a report on Wednesday, February 19th. Stifel Nicolaus cut their target price on Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating on the stock in a report on Thursday, February 6th. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Truist Financial raised their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Finally, Evercore ISI decreased 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 note on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $269.10.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of the company's 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 owns 50,502 shares in the company, 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 through the SEC website. Also, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works 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 sale, the chief executive officer now 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. In the last ninety 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 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.