Cannell & Co. Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Cannell & Co. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 82,016 shares of the industrial products company’s stock after selling 1,010 shares during the period. Cannell & Co.’s holdings in Illinois Tool Works were worth $21,483,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC increased its holdings in shares of Illinois Tool Works by 14.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,101 shares of the industrial products company’s stock worth $254,000 after buying an additional 141 shares during the last quarter. Brookstone Capital Management grew its position in Illinois Tool Works by 1.6% during the third quarter. Brookstone Capital Management now owns 3,986 shares of the industrial products company’s stock valued at $896,000 after acquiring an additional 64 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Illinois Tool Works by 3.0% in the third quarter. Commonwealth Equity Services LLC now owns 194,702 shares of the industrial products company’s stock worth $44,842,000 after acquiring an additional 5,749 shares in the last quarter. Vicus Capital purchased a new position in shares of Illinois Tool Works in the 3rd quarter valued at $270,000. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Illinois Tool Works by 7.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 48,749 shares of the industrial products company’s stock worth $11,227,000 after purchasing an additional 3,363 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,471 shares of company stock valued at $48,712,316. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

ITW traded down $0.28 during trading on Wednesday, reaching $243.83. The stock had a trading volume of 443,202 shares, compared to its average volume of 1,250,580. Illinois Tool Works Inc. has a 1-year low of $217.06 and a 1-year high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The stock has a 50 day moving average of $259.72 and a two-hundred day moving average of $251.79. The firm has a market capitalization of $72.84 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 3.67 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly 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. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business earned $2.33 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is 57.49%.

Analyst Ratings Changes

Several research analysts have commented on ITW shares. Truist Financial raised their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Wells Fargo & Company lowered shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Barclays lifted their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $257.44.

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.