Man Group plc Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Man Group plc raised its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 45.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,376 shares of the industrial products company's stock after purchasing an additional 10,999 shares during the quarter. Man Group plc's holdings in Illinois Tool Works were worth $8,970,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Clarity Financial LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $315,000. Milestone Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $941,000. Heck Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $739,000. MOKAN Wealth Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $1,096,000. Finally, EP Wealth Advisors LLC increased its position in shares of Illinois Tool Works by 42.2% during the fourth quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after acquiring an additional 1,698 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ITW. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target for the company in a research report on Wednesday, February 19th. StockNews.com cut Illinois Tool Works from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research note on Thursday, February 6th. Evercore ISI dropped their price objective on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. 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 given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $253.42.

Illinois Tool Works Price Performance

ITW stock traded down $5.21 during mid-day trading on Wednesday, hitting $244.73. 772,892 shares of the stock were exchanged, compared to its average volume of 1,021,674. 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 business has a fifty day moving average price of $241.56 and a 200 day moving average price of $255.35. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a market capitalization of $71.71 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. The company's revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 annualized dividend and a dividend yield of 2.45%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the transaction, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

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.