Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Royal Bank of Canada

Royal Bank of Canada cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 825,189 shares of the industrial products company's stock after selling 176,673 shares during the period. Royal Bank of Canada owned 0.28% of Illinois Tool Works worth $209,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Activity

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares of the company's stock, valued at $15,120,802.68. This trade represents a 46.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction 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 in the company, valued at approximately $13,698,667.50. This trade represents a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.88% of the company's stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of several research analyst reports. Stifel Nicolaus lifted 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. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price objective for the company in a research report on Wednesday, February 19th. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a research report on Wednesday, May 7th. Evercore ISI lowered their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. cut their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $253.42.

Illinois Tool Works Stock Down 2.1%

ITW traded down $5.21 during trading hours on Wednesday, hitting $244.73. 772,892 shares of the company's stock were exchanged, compared to its average volume of 1,021,674. The firm has a market cap of $71.71 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. 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 12-month low of $214.66 and a 12-month high of $279.13. The firm has a 50 day moving average of $241.76 and a 200 day moving average of $255.42.

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

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.45%. Illinois Tool Works's dividend payout ratio is currently 52.77%.

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.