Procyon Advisors LLC Sells 124 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Procyon Advisors LLC reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,596 shares of the industrial products company’s stock after selling 124 shares during the quarter. Procyon Advisors LLC’s holdings in Illinois Tool Works were worth $418,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Northern Trust Corp increased its stake in shares of Illinois Tool Works by 1.9% in the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after acquiring an additional 244,145 shares during the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of Illinois Tool Works by 106,553.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after acquiring an additional 7,178,474 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Illinois Tool Works by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after acquiring an additional 97,568 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 12.1% in the 1st quarter. Geode Capital Management LLC now owns 5,611,731 shares of the industrial products company’s stock valued at $1,363,875,000 after acquiring an additional 607,321 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on ITW shares. Citigroup upped their price target on Illinois Tool Works from $244.00 to $256.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Stifel Nicolaus upped their price target on Illinois Tool Works from $238.00 to $239.00 and gave the company a “hold” rating in a research note on Tuesday, January 23rd. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Barclays increased their target price on Illinois Tool Works from $215.00 to $224.00 and gave the stock an “underweight” rating in a research note on Monday, February 5th. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $245.50.

Illinois Tool Works Trading Up 0.0 %

NYSE:ITW opened at $268.33 on Friday. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The business has a 50 day moving average price of $260.19 and a two-hundred day moving average price of $248.03. The company has a market cap of $80.16 billion, a P/E ratio of 27.55, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm posted $2.34 EPS. The business’s revenue was up .3% on a year-over-year basis. As a group, analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Friday, March 29th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by insiders.

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.