Mayflower Financial Advisors LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Mayflower Financial Advisors LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 6.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,059 shares of the industrial products company’s stock after selling 79 shares during the period. Mayflower Financial Advisors LLC’s holdings in Illinois Tool Works were worth $277,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Cornerstone Wealth Management LLC grew its stake in shares of Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 41 shares during the last quarter. City Holding Co. lifted its holdings in shares of Illinois Tool Works by 0.5% during the third quarter. City Holding Co. now owns 8,057 shares of the industrial products company’s stock valued at $1,856,000 after purchasing an additional 44 shares in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Illinois Tool Works by 4.5% during the third quarter. Nicolet Advisory Services LLC now owns 1,066 shares of the industrial products company’s stock valued at $247,000 after purchasing an additional 46 shares in the last quarter. PFG Advisors lifted its holdings in shares of Illinois Tool Works by 0.7% during the fourth quarter. PFG Advisors now owns 6,655 shares of the industrial products company’s stock valued at $1,743,000 after purchasing an additional 46 shares in the last quarter. Finally, Mcdonald Partners LLC lifted its holdings in shares of Illinois Tool Works by 1.0% during the third quarter. Mcdonald Partners LLC now owns 4,796 shares of the industrial products company’s stock valued at $1,104,000 after purchasing an additional 47 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Report on ITW

Illinois Tool Works Stock Down 1.2 %

NYSE ITW opened at $265.23 on Tuesday. The stock’s 50-day moving average price is $260.76 and its 200-day moving average price is $248.53. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a market capitalization of $79.23 billion, a P/E ratio of 27.23, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13.

Illinois Tool Works (NYSE:ITWGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the company earned $2.34 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is owned by corporate insiders.

About Illinois Tool Works

(Free Report)

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.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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