Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 38.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,096 shares of the industrial products company's stock after selling 4,422 shares during the period. Brevan Howard Capital Management LP's holdings in Illinois Tool Works were worth $1,799,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $806,291,000. Raymond James Financial Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at about $203,949,000. Cerity Partners LLC grew its holdings in shares of Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares during the period. Northern Trust Corp increased its position in Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after purchasing an additional 508,188 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in Illinois Tool Works by 36,632.9% in the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company's stock valued at $111,209,000 after buying an additional 437,397 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $0.69 during trading hours on Friday, reaching $242.40. 809,912 shares of the stock were exchanged, compared to its average volume of 1,015,936. The stock has a market capitalization of $71.11 billion, a P/E ratio of 20.68, a P/E/G ratio of 4.56 and a beta of 1.12. The firm has a 50 day simple moving average of $243.34 and a 200-day simple moving average of $255.87. 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 $214.66 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same period last year, the business posted $2.44 earnings per share. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, sell-side 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 firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.48%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Insider Activity

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This trade represents a 46.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of the company's 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 transaction, the director now 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on ITW shares. Barclays reduced their price objective on Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Citigroup decreased their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Evercore ISI dropped their price objective on shares of 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. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Finally, UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $253.67.

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.