Flputnam Investment Management Co. Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Flputnam Investment Management Co. reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 63.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,457 shares of the industrial products company's stock after selling 23,395 shares during the quarter. Flputnam Investment Management Co.'s holdings in Illinois Tool Works were worth $3,412,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $28,000. True Wealth Design LLC lifted its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth about $32,000. Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter worth about $33,000. Finally, Hager Investment Management Services LLC acquired a new position in Illinois Tool Works during the 4th quarter worth about $37,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target 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. Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a report on Friday, December 6th. Finally, Stifel Nicolaus dropped their price target on Illinois Tool Works from $266.00 to $259.00 and set a "hold" rating for the company in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $269.30.

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Insider Activity

In other news, Director Ernest Scott Santi sold 70,000 shares of the business's stock in a transaction 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 owns 260,224 shares of the company's stock, valued at $68,516,979.20. The trade was a 21.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Up 2.3 %

Illinois Tool Works stock traded up $5.82 during mid-day trading on Wednesday, hitting $261.14. 1,351,865 shares of the company's stock were exchanged, compared to its average volume of 1,013,016. 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 stock has a market cap of $76.65 billion, a P/E ratio of 22.28, a P/E/G ratio of 4.56 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The stock has a 50 day moving average of $257.05 and a two-hundred day moving average of $259.68.

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

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 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.