Hudson Bay Capital Management LP Sells 17,985 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Hudson Bay Capital Management LP lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 60.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,015 shares of the industrial products company's stock after selling 17,985 shares during the period. Hudson Bay Capital Management LP's holdings in Illinois Tool Works were worth $3,047,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ITW. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at $25,000. Redwood Park Advisors LLC bought a new stake in Illinois Tool Works in the fourth quarter worth $26,000. Sugar Maple Asset Management LLC bought a new stake in Illinois Tool Works in the fourth quarter worth $28,000. Glass Jacobson Investment Advisors llc boosted its holdings in Illinois Tool Works by 336.0% in the fourth 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 in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Illinois Tool Works in the fourth quarter worth $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insiders Place Their Bets

In other news, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction on 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 of the company's stock, valued at $13,698,667.50. This represents a 45.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded up $3.36 during trading hours on Friday, hitting $251.33. 1,179,486 shares of the stock were exchanged, compared to its average volume of 1,022,428. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The stock has a market capitalization of $73.64 billion, a P/E ratio of 21.44, a P/E/G ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The business's 50-day moving average is $241.83 and its two-hundred day moving average is $255.67.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the business earned $2.44 earnings per share. Illinois Tool Works's quarterly revenue was down 3.4% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.39%. Illinois Tool Works's payout ratio is 52.77%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITW. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Barclays cut their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. Finally, UBS Group cut their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $253.67.

Illinois Tool Works Company 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.