Cornerstone Wealth Management LLC Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

Cornerstone Wealth Management LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 93.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,440 shares of the industrial products company’s stock after purchasing an additional 1,659 shares during the period. Cornerstone Wealth Management LLC’s holdings in Illinois Tool Works were worth $902,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Carderock Capital Management Inc. grew its stake in shares of Illinois Tool Works by 2.4% during the 3rd quarter. Carderock Capital Management Inc. now owns 21,224 shares of the industrial products company’s stock valued at $5,562,000 after acquiring an additional 489 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Illinois Tool Works by 24.6% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 5,058 shares of the industrial products company’s stock worth $1,326,000 after purchasing an additional 998 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Illinois Tool Works by 3.2% in the third quarter. Vontobel Holding Ltd. now owns 35,115 shares of the industrial products company’s stock worth $9,203,000 after purchasing an additional 1,094 shares in the last quarter. Leisure Capital Management raised its position in shares of Illinois Tool Works by 2.0% during the 3rd quarter. Leisure Capital Management now owns 6,492 shares of the industrial products company’s stock valued at $1,701,000 after purchasing an additional 127 shares during the period. Finally, Sumitomo Life Insurance Co. boosted its holdings in Illinois Tool Works by 4.5% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,474 shares of the industrial products company’s stock worth $910,000 after buying an additional 151 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ITW. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Truist Financial upped their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI reduced their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Stifel Nicolaus raised their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Trading Down 0.1 %

Shares of ITW stock opened at $260.65 on Friday. The company has a market cap of $77.78 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The stock’s 50 day simple moving average is $251.94 and its two-hundred day simple moving average is $247.59. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same period in the previous year, the firm earned $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

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.