Congress Asset Management Co. Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Congress Asset Management Co. cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 95.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,758 shares of the industrial products company’s stock after selling 56,959 shares during the period. Congress Asset Management Co.’s holdings in Illinois Tool Works were worth $699,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC increased its position in shares of Illinois Tool Works by 1,060.0% during the third 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. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the third quarter worth approximately $32,000. Ulland Investment Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $33,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the 3rd quarter valued at about $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced 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. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Jefferies Financial Group upped their price objective 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. Citigroup cut their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Finally, Barclays dropped their price target on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $271.00.

Illinois Tool Works Stock Performance

ITW stock opened at $262.03 on Wednesday. The firm has a 50 day simple moving average of $257.80 and a 200 day simple moving average of $257.90. The stock has a market cap of $77.38 billion, a P/E ratio of 22.36, a P/E/G ratio of 4.79 and a beta of 1.11. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping 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 10.38 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

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.