SevenBridge Financial Group LLC Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

SevenBridge Financial Group LLC reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,952 shares of the industrial products company’s stock after selling 200 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Illinois Tool Works were worth $505,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Prudent Man Investment Management Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth $25,000. Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $28,000. Millstone Evans Group LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $31,000. Atlantic Private Wealth LLC purchased a new position in Illinois Tool Works in the 4th quarter worth approximately $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In other news, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction 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 approximately $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock worth $42,973,845 over the last quarter. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Trading Up 1.7 %

NYSE:ITW opened at $252.93 on Thursday. The company has a market cap of $74.20 billion, a PE ratio of 21.58, a P/E/G ratio of 4.56 and a beta of 1.13. The business’s 50 day moving average is $257.87 and its two-hundred day moving average is $260.75. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

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

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is presently 51.19%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ITW shares. Jefferies Financial Group upped their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Stifel Nicolaus decreased their price objective on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research report on Thursday, February 6th. Wells Fargo & Company dropped their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Citigroup reduced their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $268.30.

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.