Cornerstone Wealth Management LLC Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Cornerstone Wealth Management LLC cut its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 49.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,746 shares of the industrial products company's stock after selling 1,705 shares during the quarter. Cornerstone Wealth Management LLC's holdings in Illinois Tool Works were worth $433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cushing Capital Partners LLC raised its stake in Illinois Tool Works by 9.4% in the first quarter. Cushing Capital Partners LLC now owns 3,291 shares of the industrial products company's stock valued at $821,000 after buying an additional 284 shares during the last quarter. Clarius Group LLC lifted its holdings in shares of Illinois Tool Works by 65.8% during the first quarter. Clarius Group LLC now owns 3,853 shares of the industrial products company's stock worth $956,000 after purchasing an additional 1,529 shares during the period. Cardinal Capital Management lifted its holdings in shares of Illinois Tool Works by 1.3% during the first quarter. Cardinal Capital Management now owns 41,736 shares of the industrial products company's stock worth $10,413,000 after purchasing an additional 551 shares during the period. Berkshire Bank lifted its holdings in shares of Illinois Tool Works by 3.1% during the first quarter. Berkshire Bank now owns 5,119 shares of the industrial products company's stock worth $1,270,000 after purchasing an additional 154 shares during the period. Finally, Grimes & Company Inc. lifted its holdings in shares of Illinois Tool Works by 3.5% during the first quarter. Grimes & Company Inc. now owns 9,792 shares of the industrial products company's stock worth $2,428,000 after purchasing an additional 333 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded down $0.90 on Friday, reaching $240.41. The company's stock had a trading volume of 1,504,304 shares, compared to its average volume of 1,004,955. The company has a market capitalization of $70.44 billion, a P/E ratio of 21.14, a PEG ratio of 5.17 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a 50-day moving average price of $242.34 and a 200-day moving average price of $250.91. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business's revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.44 earnings per share. Analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ITW. Truist Financial decreased their target price on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Robert W. Baird lifted their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Evercore ISI reduced their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research report on Monday, May 19th. Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, UBS Group reduced their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $253.42.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.