M&T Bank Corp Sells 8,203 Shares of Illinois Tool Works Inc. (NYSE:ITW)

M&T Bank Corp lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 13.9% during the fourth quarter, Holdings Channel reports. The fund owned 50,637 shares of the industrial products company’s stock after selling 8,203 shares during the period. M&T Bank Corp’s holdings in Illinois Tool Works were worth $12,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Pensionfund Sabic raised its stake in Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after acquiring an additional 2,000 shares during the period. Franklin Resources Inc. increased its position in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after buying an additional 398,676 shares during the period. Clark & Stuart Inc bought a new position in Illinois Tool Works during the 4th quarter worth $1,729,000. Czech National Bank increased its position in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after buying an additional 3,227 shares during the period. Finally, Wolverine Asset Management LLC bought a new position in Illinois Tool Works during the 3rd quarter worth $1,179,000. Institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works 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 sale, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Barclays lowered their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating on the stock in a research report on Friday, February 7th. Citigroup reduced their target price 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. Finally, JPMorgan Chase & Co. reduced their target price on 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 equities research analysts have rated the stock with a sell rating, seven have given 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 a consensus rating of “Hold” and a consensus target price of $269.30.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $261.14 on Thursday. The stock’s 50-day simple moving average is $257.05 and its 200 day simple moving average is $259.68. The firm has a market capitalization of $76.65 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share 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%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal 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 paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.