Westpac Banking Corp Sells 4,395 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Westpac Banking Corp lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 20.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,067 shares of the industrial products company's stock after selling 4,395 shares during the period. Westpac Banking Corp's holdings in Illinois Tool Works were worth $4,471,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Briaud Financial Planning Inc acquired a new stake in shares of Illinois Tool Works in the third quarter worth $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $26,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $29,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a "neutral" rating in a report on Monday, April 8th. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a "hold" rating in a report on Wednesday, April 17th. Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating for the company in a report on Wednesday, May 1st. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Wednesday, May 1st. Finally, Barclays lowered their price target on shares of Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating for the company in a report on Thursday, May 2nd. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $257.78.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the firm's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.26% of the company's stock.

Illinois Tool Works Stock Down 0.1 %

ITW stock traded down $0.29 during mid-day trading on Wednesday, hitting $249.09. 1,035,091 shares of the company were exchanged, compared to its average volume of 1,211,876. The company has a market capitalization of $74.33 billion, a PE ratio of 24.58, a price-to-earnings-growth ratio of 3.71 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15. The firm has a fifty day simple moving average of $257.07 and a 200 day simple moving average of $253.24.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the firm posted $2.33 EPS. The company's revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.25%. Illinois Tool Works's payout ratio is currently 55.23%.

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.