Crestline Management LP Takes $2.82 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Crestline Management LP purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,123 shares of the industrial products company's stock, valued at approximately $2,820,000.

Other hedge funds also recently modified their holdings of the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $25,000. Redwood Park Advisors LLC bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $26,000. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Glass Jacobson Investment Advisors llc raised its stake in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 84 shares during the last quarter. Finally, Millstone Evans Group LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Down 0.3 %

NYSE ITW traded down $0.69 during mid-day trading on Friday, hitting $242.40. The company's stock had a trading volume of 809,912 shares, compared to its average volume of 1,017,668. The firm has a market capitalization of $71.02 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 4.56 and a beta of 1.12. The company's 50 day simple moving average is $243.34 and its 200 day simple moving average is $255.87. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The firm's revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.44 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.48%. Illinois Tool Works's payout ratio is 52.77%.

Analyst Ratings Changes

Several brokerages recently issued reports on ITW. Stifel Nicolaus raised their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Robert W. Baird lifted their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. decreased their target price on shares of 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 dropped their price target on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Finally, Citigroup decreased their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $253.67.

Insider Activity

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The stock was 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 owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 over the last quarter. Insiders own 0.88% of the company's stock.

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.