Pinebridge Investments L.P. Trims Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Pinebridge Investments L.P. reduced its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 19.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,888 shares of the industrial products company's stock after selling 59,363 shares during the period. Pinebridge Investments L.P. owned about 0.08% of Illinois Tool Works worth $62,094,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ITW. Barclays PLC grew its position in Illinois Tool Works by 1.7% during the third quarter. Barclays PLC now owns 776,966 shares of the industrial products company's stock valued at $203,619,000 after acquiring an additional 12,988 shares during the period. Tudor Financial Inc. purchased a new position in Illinois Tool Works in the third quarter valued at approximately $759,000. World Investment Advisors LLC lifted its position in Illinois Tool Works by 6.7% during the third quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company's stock valued at $4,186,000 after buying an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in Illinois Tool Works by 128.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company's stock worth $6,084,000 after buying an additional 13,062 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock worth $358,321,000 after acquiring an additional 398,676 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ITW has been the subject of several analyst reports. StockNews.com downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. UBS Group cut their target price on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price for the company in a research report on Wednesday, February 19th. Finally, Barclays cut their price target on Illinois Tool Works from $252.00 to $240.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $260.09.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. The trade was a 21.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the business'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 value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. This represents a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 159,925 shares of company stock worth $42,973,845. Insiders own 0.88% of the company's stock.

Illinois Tool Works Trading Up 0.0 %

Shares of Illinois Tool Works stock traded up $0.01 on Monday, hitting $239.51. The stock had a trading volume of 338,332 shares, compared to its average volume of 998,195. The firm has a market capitalization of $70.26 billion, a P/E ratio of 20.45, a PEG ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The stock has a 50 day moving average of $247.58 and a 200 day moving average of $257.15. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.51%. The ex-dividend date was Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.19%.

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.