46,815 Illinois Tool Works Inc. $ITW Shares Acquired by Vestor Capital LLC

Key Points

• Vestor Capital increased its Illinois Tool Works stake by 328.3% in the third quarter, adding 46,815 shares and bringing its holdings to 61,074 shares, valued at about $15.7 million. Institutional investors and hedge funds own 79.77% of the stock.
• ITW reported quarterly earnings of $3.00 per share, topping estimates of $2.97, while revenue of $4.24 billion fell short of forecasts. Revenue grew 4.5% year over year.
• The company declared a quarterly dividend of $1.72 per share, equivalent to a 2.4% yield. Analyst sentiment was cautious: the consensus rating was “Reduce,” with a $276.33 price target.

Vestor Capital LLC lifted its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 328.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,074 shares of the industrial products company's stock after acquiring an additional 46,815 shares during the period. Vestor Capital LLC's holdings in Illinois Tool Works were worth $15,713,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. AlphaCore Capital LLC boosted its position in Illinois Tool Works by 50.8% during the third quarter. AlphaCore Capital LLC now owns 9,138 shares of the industrial products company's stock valued at $2,367,000 after purchasing an additional 3,079 shares during the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of Illinois Tool Works during the 3rd quarter worth about $1,531,000. Allspring Global Investments Holdings LLC raised its stake in shares of 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 purchasing an additional 6,260 shares in the last quarter. Carret Asset Management LLC lifted its holdings in shares of Illinois Tool Works by 1.1% during the 3rd quarter. Carret Asset Management LLC now owns 8,612 shares of the industrial products company's stock valued at $2,216,000 after buying an additional 93 shares during the last quarter. Finally, M Holdings Securities Inc. bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at approximately $824,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 1.9%

Shares of Illinois Tool Works stock opened at $286.41 on Tuesday. Illinois Tool Works Inc. has a 1 year low of $238.82 and a 1 year high of $303.15. The business has a fifty day simple moving average of $271.98 and a two-hundred day simple moving average of $271.53. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.29 and a quick ratio of 0.94. The company has a market capitalization of $81.40 billion, a price-to-earnings ratio of 25.53, a P/E/G ratio of 3.22 and a beta of 0.92.

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

Illinois Tool Works Dividend Announcement

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

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CAO Matteo Pigozzo sold 277 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $289.22, for a total transaction of $80,113.94. Following the completion of the transaction, the chief accounting officer owned 3,394 shares of the company's stock, valued at approximately $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ernest Santi sold 60,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 4th. The shares were 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 owned 266,333 shares in the company, valued at approximately $78,000,945.71. The trade was a 18.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 101,708 shares of company stock valued at $29,546,740. 0.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ITW shares. Weiss Ratings raised shares of Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, October 28th. Truist Financial restated a "hold" rating and issued a $293.00 target price (down from $297.00) on shares of Illinois Tool Works in a research note on Wednesday, October 28th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating for the company in a report on Wednesday, September 30th. Robert W. Baird raised their target price on Illinois Tool Works from $278.00 to $297.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Finally, Citigroup decreased their price objective on Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating for the company in a research report on Wednesday, October 28th. One equities 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 stock. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of "Reduce" and a consensus target price of $276.33.

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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