11,680 Illinois Tool Works Inc. $ITW Shares Sold by Lockheed Martin Investment Management Co.

Key Points

• Lockheed Martin Investment Management cut its Illinois Tool Works stake by 35.8%, selling 11,680 shares in the third quarter and retaining 20,930 shares valued at about $5.4 million.
• Analyst sentiment was cautious: one analyst rated ITW Buy, seven Hold and five Sell, giving the stock a consensus “Reduce” rating and an average price target of $276.33.
• ITW reported quarterly earnings of $3.00 per share, beating estimates by $0.03, while revenue of $4.24 billion fell short of forecasts. The company also declared a quarterly dividend of $1.72 per share.

Lockheed Martin Investment Management Co. cut its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 35.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,930 shares of the industrial products company's stock after selling 11,680 shares during the period. Lockheed Martin Investment Management Co.'s holdings in Illinois Tool Works were worth $5,385,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in ITW. Gryphon Financial Partners LLC grew its holdings in shares of Illinois Tool Works by 4.7% during the third quarter. Gryphon Financial Partners LLC now owns 1,394 shares of the industrial products company's stock worth $359,000 after purchasing an additional 63 shares during the last quarter. Vestor Capital LLC raised its holdings in shares of Illinois Tool Works by 328.3% in the third quarter. Vestor Capital LLC now owns 61,074 shares of the industrial products company's stock valued at $15,713,000 after buying an additional 46,815 shares during the last quarter. AlphaCore Capital LLC lifted its position in Illinois Tool Works by 50.8% during the 3rd quarter. AlphaCore Capital LLC now owns 9,138 shares of the industrial products company's stock worth $2,367,000 after buying an additional 3,079 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in Illinois Tool Works during the 3rd quarter worth about $1,531,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in Illinois Tool Works by 12.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 56,801 shares of the industrial products company's stock worth $14,816,000 after acquiring an additional 6,260 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on ITW shares. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $278.00 to $297.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating on the stock in a research note on Wednesday, September 30th. Citigroup lowered their price target on shares of Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating for the company in a report on Wednesday, October 28th. Truist Financial restated a "hold" rating and issued a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a research report on Wednesday, October 28th. Finally, Weiss Ratings raised Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $276.33.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Santi sold 60,000 shares of Illinois Tool Works stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the completion of the sale, the director directly owned 266,333 shares of the company's stock, valued at $78,000,945.71. The trade was a 18.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Matteo Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $289.22, for a total value of $80,113.94. Following the sale, the chief accounting officer directly owned 3,394 shares of the company's stock, valued at approximately $981,612.68. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 101,708 shares of company stock worth $29,546,740 over the last 90 days. 0.83% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $286.41 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 0.94 and a debt-to-equity ratio of 2.28. Illinois Tool Works Inc. has a 1 year low of $238.82 and a 1 year high of $303.15. The company has a market cap of $81.40 billion, a PE ratio of 25.53, a PEG ratio of 3.22 and a beta of 0.92. The company's 50-day moving average is $271.98 and its two-hundred day moving average is $271.53.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.97 by $0.03. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. The company had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $4.26 billion. During the same quarter in the previous year, the company earned $2.81 EPS. Illinois Tool Works's revenue was up 4.5% on a year-over-year basis. Equities analysts anticipate that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a dividend of $1.72 per share. The ex-dividend date is Thursday, December 31st. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. Illinois Tool Works's payout ratio is presently 61.32%.

About Illinois Tool Works

Illinois Tool Works Inc NYSE: ITW is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions.

ITW's businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.

The company serves customers across North America, Europe, Asia, and other international markets through its manufacturing and sales operations.

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