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 the stock in a transaction on 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 sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This represents a 45.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Illinois Tool Works Stock Down 4.7 %

Shares of Illinois Tool Works stock traded down $12.62 during trading on Tuesday, reaching $255.05. 1,757,409 shares of the company traded hands, compared to its average volume of 1,086,542. The firm has a market capitalization of $74.86 billion, a PE ratio of 21.76, a P/E/G ratio of 4.56 and a beta of 1.13. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a 50 day moving average price of $257.80 and a 200-day moving average price of $260.30. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

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, beating 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 research 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 company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s payout ratio is currently 51.19%.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently modified their holdings of the company. Prudent Man Investment Management Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at $25,000. Ameriflex Group Inc. bought a new position in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. Glass Jacobson Investment Advisors llc increased its position in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 84 shares in the last quarter. Finally, Sugar Maple Asset Management LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth about $28,000. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Citigroup reduced their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Stifel Nicolaus cut their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research note on Thursday, February 6th. Finally, Barclays set a $260.00 price objective on shares of Illinois Tool Works and gave the stock an “equal weight” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus 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.