Cornerstone Wealth Management LLC cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 49.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,746 shares of the industrial products company’s stock after selling 1,705 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Illinois Tool Works were worth $433,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $806,291,000. GAMMA Investing LLC lifted its stake in shares of Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Raymond James Financial Inc. acquired a new stake in Illinois Tool Works during the fourth quarter valued at $203,949,000. Cerity Partners LLC increased its holdings in Illinois Tool Works by 263.9% in the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after buying an additional 655,341 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Illinois Tool Works
In other news, Director David Byron Smith, Jr. purchased 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director now owns 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by company insiders.
Illinois Tool Works Stock Down 0.4%
Illinois Tool Works (NYSE:ITW – Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 earnings per share. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.
Illinois Tool Works Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the company. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price on the stock. in a research report on Wednesday, May 7th. UBS Group cut their price objective on 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. Citigroup decreased their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Evercore ISI cut their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Finally, Truist Financial decreased their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $253.42.
Read Our Latest Stock Analysis on Illinois Tool Works
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.
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