Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 30.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 26,056 shares of the industrial products company’s stock after selling 11,498 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Illinois Tool Works were worth $6,607,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works in the 4th quarter worth $28,000. True Wealth Design LLC lifted its holdings in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter worth $33,000. Hager Investment Management Services LLC acquired a new position in Illinois Tool Works in the 4th quarter worth $37,000. Finally, Asset Planning Inc acquired a new position in Illinois Tool Works in the 4th quarter worth $40,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Activity

In other news, Director Ernest Scott Santi sold 70,000 shares of the 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 completion of the transaction, the director now directly owns 260,224 shares in the company, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares of the company’s stock, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,925 shares of company stock worth $42,973,845 over the last three months. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ITW shares. Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research note on Thursday, February 6th. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. 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 note on Wednesday, February 19th. Truist Financial upped their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $269.10.

Illinois Tool Works Price Performance

NYSE ITW opened at $256.17 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The stock has a market cap of $75.19 billion, a price-to-earnings ratio of 21.86, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a 50-day moving average price of $257.95 and a two-hundred day moving average price of $260.47.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping 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%. Analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Illinois Tool Works Company 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.