Candriam S.C.A. Sells 10,903 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Candriam S.C.A. cut its Illinois Tool Works stake by 24.8%, selling 10,903 shares in the third quarter; it retained 33,073 shares valued at about $8.54 million.
• ITW reported quarterly EPS of $3.00, slightly above estimates, while revenue of $4.24 billion fell short of consensus despite rising 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 mostly cautious: the consensus rating was “Reduce,” with an average price target of $276.33; seven analysts rated the stock Hold and five rated it Sell.

Candriam S.C.A. trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 24.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,073 shares of the industrial products company's stock after selling 10,903 shares during the period. Candriam S.C.A.'s holdings in Illinois Tool Works were worth $8,540,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. B. Metzler seel. Sohn & Co. AG acquired a new position in Illinois Tool Works in the 2nd quarter valued at about $5,017,000. Sanctuary Advisors LLC bought a new position in Illinois Tool Works in the 2nd quarter valued at about $14,028,000. Cibc World Market Inc. acquired a new stake in Illinois Tool Works during the second quarter worth approximately $3,887,000. Sapient Capital LLC lifted its position in Illinois Tool Works by 227.7% during the second quarter. Sapient Capital LLC now owns 13,611 shares of the industrial products company's stock worth $3,703,000 after acquiring an additional 9,457 shares during the last quarter. Finally, Fidelity National Financial Inc. bought a new stake in shares of Illinois Tool Works during the second quarter worth approximately $20,583,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 1.9%

NYSE ITW 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 50 day moving average of $271.98 and a 200-day moving average of $271.53. The company has a market cap of $81.40 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 3.22 and a beta of 0.92.

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 earnings per share (EPS) 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 business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the prior year, the business posted $2.81 earnings per share. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that Illinois Tool Works Inc. will post 11.49 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a $1.72 dividend. The ex-dividend date 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 (DPR) is presently 61.32%.

Insider Transactions at Illinois Tool Works

In related news, Director Ernest Santi sold 60,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $78,000,945.71. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Matteo Pigozzo sold 277 shares of the 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 sale, the chief accounting officer owned 3,394 shares in the company, valued at $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 101,708 shares of company stock valued at $29,546,740. 0.83% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Robert W. Baird upped their target price on Illinois Tool Works from $278.00 to $297.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. cut Illinois Tool Works from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $350.00 to $270.00 in a report on Friday, October 9th. Citigroup decreased their price objective on Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating on the stock in a report on Wednesday, October 28th. Truist Financial reiterated a "hold" rating and set a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a research report on Wednesday, October 28th. Finally, The Goldman Sachs Group reissued a "sell" rating and set a $270.00 target price on shares of Illinois Tool Works in a report on Tuesday, October 27th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $276.33.

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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.