Cullen Frost Bankers Inc. Sells 1,485 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Cullen Frost Bankers Inc. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 12.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 10,613 shares of the industrial products company’s stock after selling 1,485 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Illinois Tool Works were worth $2,780,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Illinois Tool Works by 150.0% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after buying an additional 675,000 shares during the last quarter. International Assets Investment Management LLC grew its position in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after buying an additional 313,906 shares during the period. Envestnet Asset Management Inc. grew its position in Illinois Tool Works by 77.5% during the third quarter. Envestnet Asset Management Inc. now owns 597,186 shares of the industrial products company’s stock valued at $137,538,000 after buying an additional 260,679 shares during the period. Finally, Barclays PLC increased its holdings in Illinois Tool Works by 57.1% during the third quarter. Barclays PLC now owns 699,639 shares of the industrial products company’s stock valued at $161,131,000 after buying an additional 254,321 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ITW. Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Barclays cut their price target on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Citigroup raised their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Finally, Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $257.78.

Insider Transactions at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Chairman Ernest Scott Santi sold 45,676 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.12, for a total value of $11,698,537.12. Following the sale, the chairman now owns 221,015 shares of the company’s stock, valued at $56,606,361.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 89,471 shares of company stock valued at $23,248,816 in the last ninety days. Corporate insiders own 1.26% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $247.40 on Thursday. The stock has a 50-day moving average price of $258.17 and a 200 day moving average price of $252.34. 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 12-month low of $217.06 and a 12-month high of $271.15. The stock has a market capitalization of $73.82 billion, a P/E ratio of 24.40, a P/E/G ratio of 3.59 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.33 earnings per share. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.29 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 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.