4,312 Illinois Tool Works Inc. $ITW Shares Sold by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Illinois Tool Works stake by 3.2%, selling 4,312 shares; it held 130,647 shares worth about $33.6 million at quarter-end. Institutional investors collectively own 79.77% of the stock.
• Insiders sold 101,708 shares worth approximately $29.5 million over the past 90 days. Analysts’ consensus rating is “Reduce,” with a consensus price target of $276.33.
• ITW’s latest quarterly EPS of $3.00 topped estimates, while revenue of $4.24 billion fell slightly short; the company also declared a $1.72-per-share quarterly dividend.

Commonwealth Equity Services LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 130,647 shares of the industrial products company's stock after selling 4,312 shares during the period. Commonwealth Equity Services LLC's holdings in Illinois Tool Works were worth $33,613,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ITW. Putney Financial Group LLC bought a new position in Illinois Tool Works during the third quarter valued at $26,000. Continuum Advisory LLC purchased a new stake in shares of Illinois Tool Works in the second quarter valued at $29,000. Physician Wealth Advisors Inc. lifted its holdings in shares of Illinois Tool Works by 77.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 112 shares of the industrial products company's stock worth $29,000 after acquiring an additional 49 shares during the last quarter. Abound Wealth Management lifted its holdings in shares of Illinois Tool Works by 178.6% in the 2nd quarter. Abound Wealth Management now owns 117 shares of the industrial products company's stock worth $32,000 after acquiring an additional 75 shares during the last quarter. Finally, Wilkerson Advisory Group LLC boosted its stake in shares of Illinois Tool Works by 77.6% during the 1st quarter. Wilkerson Advisory Group LLC now owns 119 shares of the industrial products company's stock worth $31,000 after purchasing an additional 52 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Ernest Santi sold 60,000 shares of the company's 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 in the company, valued at $78,000,945.71. This represents a 18.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Matteo C. Pigozzo sold 277 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $289.22, for a total transaction of $80,113.94. Following the completion of the sale, the chief accounting officer owned 3,394 shares in the company, valued at $981,612.68. This represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 101,708 shares of company stock worth $29,546,740. Insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent analyst reports. Citigroup dropped 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 research note on Wednesday, October 28th. Truist Financial reissued 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. The Goldman Sachs Group reissued a "sell" rating and issued a $270.00 price objective on shares of Illinois Tool Works in a research note on Tuesday, October 27th. UBS Group set a $277.00 target price on Illinois Tool Works in a research report on Friday, October 9th. Finally, JPMorgan Chase & Co. cut Illinois Tool Works from an "overweight" rating to a "neutral" rating and cut their target price for the company from $350.00 to $270.00 in a research note on Friday, October 9th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $276.33.

Illinois Tool Works Stock Performance

ITW stock opened at $280.93 on Monday. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The firm has a market cap of $79.84 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 3.08 and a beta of 0.92. The business's fifty day simple moving average is $271.85 and its two-hundred day simple moving average is $271.40. The company has a quick ratio of 0.94, a current ratio of 1.29 and a debt-to-equity ratio of 2.28.

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

Illinois Tool Works Announces Dividend

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

Illinois Tool Works Profile

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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