Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Congress Wealth Management LLC DE

Congress Wealth Management LLC DE reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 79.3% in the 4th quarter, HoldingsChannel reports. The firm owned 12,246 shares of the industrial products company’s stock after selling 46,835 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Illinois Tool Works were worth $3,105,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sugar Maple Asset Management LLC acquired a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. True Wealth Design LLC increased its position in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at about $31,000. Atlantic Private Wealth LLC purchased a new position in Illinois Tool Works in the 4th quarter valued at about $32,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares of the company’s stock, valued at $13,698,667.50. The trade was a 45.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,925 shares of company stock valued at $42,973,845 over the last 90 days. 1.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ITW shares. Truist Financial upped their price objective 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. Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Wells Fargo & Company lowered their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $268.30.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $255.86 on Thursday. The firm has a fifty day moving average of $258.68 and a 200-day moving average of $260.70. 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 firm has a market capitalization of $75.10 billion, a P/E ratio of 21.83, a PEG ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

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

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.