Congress Asset Management Co. Has $699,000 Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Congress Asset Management Co. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 95.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,758 shares of the industrial products company’s stock after selling 56,959 shares during the period. Congress Asset Management Co.’s holdings in Illinois Tool Works were worth $699,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works in the 4th quarter worth $28,000. True Wealth Design LLC grew its stake in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the third quarter worth $32,000. Ulland Investment Advisors LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth about $33,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the third quarter worth approximately $35,000. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ITW. Citigroup lowered their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Jefferies Financial Group boosted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Robert W. Baird upped their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, JPMorgan Chase & Co. reduced their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $271.00.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $262.03 on Wednesday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The business has a 50-day simple moving average of $257.80 and a 200 day simple moving average of $257.90. The firm has a market capitalization of $77.38 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 4.79 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS 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%. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.38 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. 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.