Cornerstone Capital Management Holdings LLC. Trims Stake in Illinois Tool Works Inc. (ITW)
Cornerstone Capital Management Holdings LLC. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,172 shares of the industrial products company’s stock after selling 752 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Illinois Tool Works were worth $7,867,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. increased its holdings in Illinois Tool Works by 1,661.3% during the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock valued at $2,559,083,000 after buying an additional 18,221,359 shares during the period. BlueCrest Capital Management Ltd purchased a new position in Illinois Tool Works during the first quarter valued at approximately $6,838,000. Investment Centers of America Inc. increased its holdings in Illinois Tool Works by 25.0% during the first quarter. Investment Centers of America Inc. now owns 4,689 shares of the industrial products company’s stock valued at $623,000 after buying an additional 937 shares during the period. Paloma Partners Management Co increased its holdings in Illinois Tool Works by 113.6% during the first quarter. Paloma Partners Management Co now owns 16,236 shares of the industrial products company’s stock valued at $2,151,000 after buying an additional 8,635 shares during the period. Finally, Fiduciary Trust Co. increased its holdings in Illinois Tool Works by 5.7% during the first quarter. Fiduciary Trust Co. now owns 130,298 shares of the industrial products company’s stock valued at $17,261,000 after buying an additional 7,081 shares during the period. 74.83% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Steven L. Martindale sold 64,818 shares of Illinois Tool Works stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the completion of the sale, the insider now directly owns 95,328 shares in the company, valued at $14,984,608.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The disclosure for this sale can be found here. Insiders have sold 221,324 shares of company stock valued at $35,645,914 over the last quarter. Insiders own 0.90% of the company’s stock.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the firm posted $1.50 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. research analysts predict that Illinois Tool Works Inc. will post 6.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.78 per share. The ex-dividend date is Thursday, December 28th. This represents a $3.12 annualized dividend and a dividend yield of 1.90%. Illinois Tool Works’s payout ratio is currently 47.78%.
Several equities research analysts have weighed in on ITW shares. Royal Bank of Canada restated a “sector perform” rating and issued a $155.00 target price (up from $143.00) on shares of Illinois Tool Works in a research note on Friday, October 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Argus restated a “buy” rating and issued a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. J P Morgan Chase & Co upgraded shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and raised their target price for the company from $132.00 to $140.00 in a research note on Tuesday, October 10th. Finally, Citigroup restated a “buy” rating and issued a $171.00 target price (up from $162.00) on shares of Illinois Tool Works in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $164.38.
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Illinois Tool Works Company Profile
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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