Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 3.3% during the third quarter, Holdings Channel.com reports. The fund owned 167,570 shares of the industrial products company’s stock after selling 5,710 shares during the period. CIBC Private Wealth Group LLC’s holdings in Illinois Tool Works were worth $30,273,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ITW. Cibc World Market Inc. boosted its holdings in Illinois Tool Works by 3.7% during the first quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock worth $2,024,000 after buying an additional 348 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after buying an additional 368 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Illinois Tool Works by 54.7% during the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after buying an additional 1,011 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after buying an additional 217 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Illinois Tool Works by 70.7% in the 1st quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock worth $156,000 after purchasing an additional 309 shares during the period. Institutional investors and hedge funds own 79.83% of the company’s stock.

Illinois Tool Works Stock Up 1.7 %

Illinois Tool Works stock opened at $234.14 on Wednesday. The company has a market capitalization of $71.43 billion, a P/E ratio of 23.94, a P/E/G ratio of 3.52 and a beta of 1.10. The firm’s fifty day simple moving average is $233.60 and its 200-day simple moving average is $217.30. The company has a current ratio of 1.41, a quick ratio of 0.95 and a debt-to-equity ratio of 2.00. Illinois Tool Works Inc. has a 1-year low of $173.52 and a 1-year high of $253.37.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($0.26). The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.90 billion. Illinois Tool Works had a net margin of 19.04% and a return on equity of 87.15%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.95 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 9.53 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Friday, March 31st will be issued a $1.31 dividend. The ex-dividend date is Thursday, March 30th. This represents a $5.24 annualized dividend and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 53.58%.

Analyst Ratings Changes

A number of equities analysts recently commented on ITW shares. UBS Group raised their price objective on shares of Illinois Tool Works from $213.00 to $245.00 and gave the stock a “neutral” rating in a research note on Thursday, February 9th. Vertical Research lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $240.00 to $220.00 in a research note on Tuesday, January 3rd. Barclays raised their price objective on shares of Illinois Tool Works from $172.00 to $184.00 and gave the stock an “underweight” rating in a research note on Thursday, January 5th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Illinois Tool Works from $170.00 to $183.00 in a research note on Friday, February 3rd. Finally, Citigroup raised their price objective on shares of Illinois Tool Works from $232.00 to $255.00 and gave the stock a “neutral” rating in a research note on Friday, February 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $223.07.

Insider Buying and Selling

In related news, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of Illinois Tool Works stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $246.26, for a total value of $14,809,337.62. Following the transaction, the insider now owns 40,072 shares in the company, valued at approximately $9,868,130.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Illinois Tool Works news, CEO Ernest Scott Santi sold 235,656 shares of the firm’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $246.29, for a total value of $58,039,716.24. Following the sale, the chief executive officer now directly owns 213,538 shares in the company, valued at approximately $52,592,274.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 60,137 shares of the firm’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $246.26, for a total transaction of $14,809,337.62. Following the completion of the sale, the insider now owns 40,072 shares in the company, valued at $9,868,130.72. The disclosure for this sale can be found here. Insiders own 0.78% of the company’s stock.

Illinois Tool Works Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.