Advisory Services Network LLC Sells 3,402 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Advisory Services Network LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 15.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 18,221 shares of the industrial products company’s stock after selling 3,402 shares during the period. Advisory Services Network LLC’s holdings in Illinois Tool Works were worth $4,773,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $26,000. Frazier Financial Advisors LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at $26,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the fourth quarter valued at $28,000. Bruce G. Allen Investments LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth about $29,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.6 %

ITW traded down $1.38 during trading on Friday, hitting $240.07. 997,894 shares of the company’s stock were exchanged, compared to its average volume of 1,028,236. The stock has a market cap of $71.64 billion, a P/E ratio of 23.68, a PEG ratio of 3.56 and a beta of 1.14. The business’s 50 day moving average is $254.61 and its two-hundred day moving average is $254.13. Illinois Tool Works Inc. has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.33 EPS. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays decreased their target price on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $257.78.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

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.