Illinois Tool Works Inc. (NYSE:ITW) CFO Sells $11,249,280.00 in Stock

Illinois Tool Works Inc. (NYSE:ITW) CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction that occurred 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 sale, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Illinois Tool Works Stock Down 1.4 %

Shares of NYSE:ITW opened at $251.33 on Thursday. The stock has a fifty day simple moving average of $257.78 and a two-hundred day simple moving average of $260.29. The stock has a market capitalization of $73.77 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, research 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 firm also recently declared 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 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wood Tarver Financial Group LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $115,000. TFR Capital LLC. purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $211,000. Park Square Financial Group LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $35,000. Menard Financial Group LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $90,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Illinois Tool Works during the fourth quarter valued at $47,254,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ITW. Evercore ISI dropped their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 19th. Jefferies Financial Group lifted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Stifel Nicolaus dropped their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target on the stock in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $269.10.

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.