Corient Private Wealth LLC Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Corient Private Wealth LLC lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 46.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 632,823 shares of the industrial products company’s stock after selling 553,896 shares during the quarter. Corient Private Wealth LLC owned 0.21% of Illinois Tool Works worth $160,460,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Raymond James Financial Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $203,949,000. Proficio Capital Partners LLC increased its stake in shares of Illinois Tool Works by 36,632.9% in the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock worth $111,209,000 after acquiring an additional 437,397 shares during the period. Franklin Resources Inc. increased its stake 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 worth $358,321,000 after acquiring an additional 398,676 shares during the period. National Bank of Canada FI increased its stake in shares of Illinois Tool Works by 318.9% in 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 acquiring an additional 308,935 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 2.7% in 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 acquiring an additional 167,422 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $254.72 on Friday. The company’s 50-day moving average price is $257.83 and its 200-day moving average price is $260.34. 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 company has a market cap of $74.76 billion, a P/E ratio of 21.73, a P/E/G ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share 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%. On average, sell-side analysts forecast 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 2.36%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the transaction, the director now directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock valued at $42,973,845 over the last ninety days. Company insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of several analyst reports. Barclays set a $260.00 price target on shares of Illinois Tool Works and gave the company an “equal weight” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. dropped their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Jefferies Financial Group raised their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Evercore ISI dropped their price target on shares of 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. Finally, 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 research report on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $269.10.

Illinois Tool Works 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.