Essential Planning LLC. Takes $7.28 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Essential Planning LLC. acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 27,444 shares of the industrial products company's stock, valued at approximately $7,279,000.

A number of other institutional investors have also made changes to their positions in ITW. Raymond James Financial Inc. acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $203,949,000. Proficio Capital Partners LLC grew its stake in shares of Illinois Tool Works by 36,632.9% during the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock worth $111,209,000 after purchasing an additional 437,397 shares during the period. Franklin Resources Inc. grew its stake in shares of Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. National Bank of Canada FI grew its stake in shares of Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company's stock worth $106,352,000 after purchasing an additional 308,935 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company's stock worth $1,645,972,000 after purchasing an additional 167,422 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ITW. Barclays set a $260.00 target price on Illinois Tool Works and gave the stock an "equal weight" rating in a report on Monday. StockNews.com lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. JPMorgan Chase & Co. reduced their target price on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Stifel Nicolaus reduced 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. Finally, Jefferies Financial Group lifted their target price on Illinois Tool Works from $255.00 to $290.00 and gave the stock a "hold" rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $269.10.

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Insiders Place Their Bets

In other news, Director Ernest Scott Santi sold 70,000 shares of the company's 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 transaction, the director now owns 260,224 shares of the company's stock, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were 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 in the company, valued at $13,698,667.50. The trade was a 45.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 over the last 90 days. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Performance

ITW opened at $255.05 on Wednesday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a market capitalization of $74.86 billion, a PE ratio of 21.76, a PEG ratio of 4.56 and a beta of 1.13. 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 business's 50-day simple moving average is $257.83 and its 200 day simple moving average is $260.36.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its 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 expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

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.

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