Parallel Advisors LLC Sells 2,981 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Parallel Advisors LLC trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 9.2% in the 4th quarter, Holdings Channel reports. The fund owned 29,552 shares of the industrial products company’s stock after selling 2,981 shares during the quarter. Parallel Advisors LLC’s holdings in Illinois Tool Works were worth $7,493,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its holdings in Illinois Tool Works by 1.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock worth $1,431,000 after acquiring an additional 100 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Illinois Tool Works by 5.0% during the third quarter. CIBC Asset Management Inc now owns 54,655 shares of the industrial products company’s stock worth $14,323,000 after purchasing an additional 2,619 shares during the last quarter. Natixis Advisors LLC lifted its position in shares of Illinois Tool Works by 4.2% during the third quarter. Natixis Advisors LLC now owns 207,758 shares of the industrial products company’s stock worth $54,447,000 after purchasing an additional 8,460 shares during the last quarter. KPP Advisory Services LLC purchased a new position in shares of Illinois Tool Works during the third quarter valued at $212,000. Finally, Sawgrass Asset Management LLC purchased a new position in Illinois Tool Works in the third quarter valued at about $203,000. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction that occurred on 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. The trade was a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,925 shares of company stock worth $42,973,845. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 1.7 %

Shares of ITW opened at $254.72 on Monday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock’s 50-day moving average is $257.83 and its two-hundred day moving average is $260.43. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The stock has a market cap of $74.76 billion, a PE ratio of 21.73, a P/E/G ratio of 4.56 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 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%. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Evercore ISI dropped their price target on Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Barclays set a $260.00 price target on Illinois Tool Works and gave the stock an “equal weight” rating in a research report on Monday, March 10th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Jefferies Financial Group upped their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $269.10.

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.