Envestnet Asset Management Inc. Sells 8,220 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Asset Management Inc. lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 650,786 shares of the industrial products company’s stock after selling 8,220 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Illinois Tool Works were worth $165,013,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Illinois Tool Works by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company’s stock worth $6,675,473,000 after purchasing an additional 94,601 shares during the period. Geode Capital Management LLC raised its holdings in Illinois Tool Works by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company’s stock valued at $1,620,491,000 after acquiring an additional 99,753 shares during the period. Fisher Asset Management LLC lifted its position in Illinois Tool Works by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock worth $873,071,000 after acquiring an additional 95,925 shares during the last quarter. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $806,291,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Illinois Tool Works by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,516,979 shares of the industrial products company’s stock worth $638,205,000 after purchasing an additional 32,607 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

ITW stock opened at $225.25 on Monday. Illinois Tool Works Inc. has a 1 year low of $212.88 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a market cap of $66.08 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a 50 day simple moving average of $256.77 and a 200 day simple moving average of $260.49.

Illinois Tool Works (NYSE:ITW) last announced 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 return on equity of 95.39% and a net margin of 21.94%. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s payout ratio is presently 51.19%.

Insider Buying and Selling at Illinois Tool Works

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. The trade was a 46.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 159,925 shares of company stock worth $42,973,845. 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 the stock. Citigroup reduced their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Barclays cut their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 26th. JPMorgan Chase & Co. decreased their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Finally, Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $268.30.

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.