Wealth Enhancement Advisory Services LLC Has $24.12 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Wealth Enhancement Advisory Services LLC trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 30.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 95,111 shares of the industrial products company's stock after selling 41,619 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Illinois Tool Works were worth $24,116,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Prudent Man Investment Management Inc. purchased a new position in Illinois Tool Works during the fourth quarter worth approximately $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $26,000. Redwood Park Advisors LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $26,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after purchasing an additional 84 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. 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. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Wall Street Zen cut Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and a consensus target price of $253.42.

Illinois Tool Works Stock Performance

Shares of ITW traded down $3.08 during mid-day trading on Monday, hitting $242.00. The stock had a trading volume of 597,030 shares, compared to its average volume of 1,010,903. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The company has a market cap of $70.91 billion, a PE ratio of 20.66, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company's fifty day simple moving average is $240.10 and its two-hundred day simple moving average is $253.82.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly 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 business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business's quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. On average, equities analysts expect 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 declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date 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 currently 52.77%.

Insider Activity

In related news, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were 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 represents a 46.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 41,472 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares of the company's stock, valued at $13,698,667.50. The trade was a 45.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.