State of Tennessee Department of Treasury Sells 2,743 Shares of Illinois Tool Works Inc. (NYSE:ITW)

State of Tennessee Department of Treasury reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,651 shares of the industrial products company's stock after selling 2,743 shares during the quarter. State of Tennessee Department of Treasury's holdings in Illinois Tool Works were worth $15,886,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ITW. Barclays PLC raised its holdings in shares of Illinois Tool Works by 1.7% in the third quarter. Barclays PLC now owns 776,966 shares of the industrial products company's stock valued at $203,619,000 after buying an additional 12,988 shares during the last quarter. Tudor Financial Inc. bought a new position in shares of Illinois Tool Works in the third quarter worth about $759,000. World Investment Advisors LLC lifted its position in shares of Illinois Tool Works by 6.7% during the third quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company's stock worth $4,186,000 after purchasing an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Illinois Tool Works by 128.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company's stock valued at $6,084,000 after purchasing an additional 13,062 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock valued at $358,321,000 after purchasing an additional 398,676 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 in the last 90 days. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Stock Up 3.9 %

Shares of Illinois Tool Works stock opened at $236.49 on Wednesday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company 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 business has a 50-day moving average of $248.77 and a two-hundred day moving average of $257.50.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 31st were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Monday, March 31st. Illinois Tool Works's payout ratio is presently 51.19%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ITW. Evercore ISI reduced their price objective on Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating on the stock in a report on Wednesday, February 19th. Citigroup decreased their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. 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 report on Wednesday, February 19th. JPMorgan Chase & Co. reduced their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, StockNews.com downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and an average target price of $260.09.

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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