4,779 Illinois Tool Works Inc. $ITW Shares Purchased by Kestra Advisory Services LLC

Key Points

• Kestra Advisory Services increased its Illinois Tool Works stake by 5.3% in the third quarter, purchasing 4,779 shares to bring its holdings to 94,459 shares, valued at about $24.3 million.
• Analyst sentiment is cautious: the consensus rating is “Reduce,” with a $276.33 price target; one analyst rates the stock Buy, seven Hold, and five Sell.
• ITW’s latest quarter beat earnings estimates at $3.00 per share, while revenue of $4.24 billion fell short of forecasts. The company declared a $1.72 quarterly dividend, equivalent to a 2.4% yield.

Kestra Advisory Services LLC boosted its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,459 shares of the industrial products company's stock after buying an additional 4,779 shares during the period. Kestra Advisory Services LLC's holdings in Illinois Tool Works were worth $24,302,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Illinois Tool Works during the second quarter worth about $6,296,349,000. State Street Corp raised its stake in shares of Illinois Tool Works by 1.0% in the 2nd quarter. State Street Corp now owns 12,788,570 shares of the industrial products company's stock valued at $3,479,219,000 after acquiring an additional 128,089 shares during the period. Bank of America Corp DE raised its stake in shares of Illinois Tool Works by 2.5% in the 1st quarter. Bank of America Corp DE now owns 3,005,659 shares of the industrial products company's stock valued at $782,343,000 after acquiring an additional 72,951 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $603,166,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Illinois Tool Works by 3.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,045,009 shares of the industrial products company's stock worth $532,261,000 after acquiring an additional 60,009 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup lowered their price objective on shares of 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. The Goldman Sachs Group restated a "sell" rating and set a $270.00 price target on shares of Illinois Tool Works in a research note on Tuesday, October 27th. Weiss Ratings upgraded Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, October 28th. UBS Group set a $277.00 price target on Illinois Tool Works in a research report on Friday, October 9th. Finally, Truist Financial reaffirmed a "hold" rating and issued a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $276.33.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Santi sold 60,000 shares of the company's stock in a transaction dated 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 sale, the director 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 Securities & Exchange Commission, which is available through this link. Also, CAO Matteo C. Pigozzo sold 277 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the completion of the sale, the chief accounting officer directly owned 3,394 shares in the company, valued at $981,612.68. This represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 101,708 shares of company stock valued at $29,546,740. Insiders own 0.83% of the company's stock.

Illinois Tool Works Stock Down 1.6%

Shares of ITW opened at $280.93 on Friday. The company's 50-day simple moving average is $271.85 and its 200-day simple moving average is $271.40. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.94 and a current ratio of 1.29. Illinois Tool Works Inc. has a 1 year low of $238.82 and a 1 year high of $303.15. The stock has a market capitalization of $79.84 billion, a PE ratio of 25.04, a P/E/G ratio of 3.08 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, beating analysts' consensus estimates 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 firm 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 business posted $2.81 earnings per share. The business's quarterly revenue was up 4.5% compared to the same quarter last year. Analysts forecast that Illinois Tool Works Inc. will post 11.49 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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