Ironwood Investment Counsel LLC Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Ironwood Investment Counsel LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,935 shares of the industrial products company’s stock after selling 249 shares during the period. Ironwood Investment Counsel LLC’s holdings in Illinois Tool Works were worth $744,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ITW. Assetmark Inc. raised its stake in shares of Illinois Tool Works by 6.4% during the third quarter. Assetmark Inc. now owns 1,903 shares of the industrial products company’s stock valued at $499,000 after acquiring an additional 114 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Illinois Tool Works by 1.1% during the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after acquiring an additional 41 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of Illinois Tool Works by 6.8% during the third quarter. Ashton Thomas Private Wealth LLC now owns 1,967 shares of the industrial products company’s stock valued at $515,000 after acquiring an additional 126 shares during the last quarter. Pinnacle Financial Partners Inc raised its stake in shares of Illinois Tool Works by 1.1% during the third quarter. Pinnacle Financial Partners Inc now owns 4,737 shares of the industrial products company’s stock valued at $1,241,000 after acquiring an additional 52 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Illinois Tool Works by 1.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock valued at $1,431,000 after acquiring an additional 100 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 1.7 %

NYSE:ITW opened at $254.72 on Friday. The company’s 50 day moving average price is $257.83 and its 200-day moving average price is $260.27. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock has a market cap of $74.76 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Insider Buying and Selling

In related news, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the sale, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. This represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ITW shares. JPMorgan Chase & Co. decreased their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Citigroup decreased their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Barclays set a $260.00 price target on shares of Illinois Tool Works and gave the stock an “equal weight” rating in a research note on Monday. Finally, Jefferies Financial Group increased their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock 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.