Insider Selling: Illinois Tool Works Inc. (NYSE:ITW) CEO Sells 48,453 Shares of Stock

Illinois Tool Works Inc. (NYSE:ITW) CEO Christopher A. O’herlihy sold 48,453 shares of the business’s 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 owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Illinois Tool Works Stock Down 1.4 %

Shares of NYSE ITW opened at $251.33 on Thursday. 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 $73.77 billion, a PE ratio of 21.44, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The firm’s 50-day moving average is $257.78 and its two-hundred day moving average is $260.29. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

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 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%. Equities 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 disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors and hedge funds have recently modified their holdings of ITW. Prudent Man Investment Management Inc. acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $25,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $26,000. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $28,000. Finally, Glass Jacobson Investment Advisors llc increased its position in 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 purchasing an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on ITW shares. Citigroup lowered their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Barclays set a $260.00 target price on shares of Illinois Tool Works and gave the stock an “equal weight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a research report on Wednesday, February 19th. Jefferies Financial Group upped their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company lowered their target price on shares of 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 research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $269.10.

About Illinois Tool Works

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.