Pictet Asset Management Holding SA Sells 59,180 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Pictet Asset Management cut its Illinois Tool Works stake by 17.9%, selling 59,180 shares and ending the quarter with 270,837 shares valued at about $69.7 million.
• Analyst sentiment is cautious: ITW has an average “Reduce” rating and a consensus price target of $276.33, with seven Hold and five Sell ratings among the analysts cited.
• ITW’s latest quarterly earnings beat estimates at $3.00 per share, while revenue of $4.24 billion came in slightly below forecasts; the company also announced a $1.72 quarterly dividend.

Pictet Asset Management Holding SA lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 17.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 270,837 shares of the industrial products company's stock after selling 59,180 shares during the quarter. Pictet Asset Management Holding SA owned about 0.10% of Illinois Tool Works worth $69,694,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Putney Financial Group LLC bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $26,000. Continuum Advisory LLC acquired a new position in Illinois Tool Works in the 2nd quarter valued at $29,000. Physician Wealth Advisors Inc. grew its stake in 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 valued at $29,000 after buying an additional 49 shares during the last quarter. Abound Wealth Management grew its stake in Illinois Tool Works by 178.6% in the 2nd quarter. Abound Wealth Management now owns 117 shares of the industrial products company's stock valued at $32,000 after buying an additional 75 shares during the last quarter. Finally, Wilkerson Advisory Group LLC raised its holdings in Illinois Tool Works by 77.6% in the 1st quarter. Wilkerson Advisory Group LLC now owns 119 shares of the industrial products company's stock worth $31,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ITW. Citigroup cut their target price 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. Truist Financial reaffirmed a "hold" rating and issued a $293.00 price target (down from $297.00) on shares of Illinois Tool Works in a research report on Wednesday, October 28th. JPMorgan Chase & Co. lowered Illinois Tool Works from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. UBS Group set a $277.00 price objective on Illinois Tool Works in a research report on Friday, October 9th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating for the company in a research note on Wednesday, September 30th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of "Reduce" and an average price target of $276.33.

Illinois Tool Works Stock Up 1.9%

Shares of ITW stock opened at $286.41 on Tuesday. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. 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 stock has a fifty day moving average price of $271.98 and a 200 day moving average price of $271.53. The stock has a market cap of $81.40 billion, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 3.22 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $4.26 billion. During the same quarter in the previous year, the firm posted $2.81 EPS. The business's revenue for the quarter was up 4.5% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced 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 (DPR) is 61.32%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Santi sold 60,000 shares of the 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 transaction, the director directly owned 266,333 shares in the company, valued at $78,000,945.71. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the transaction, the chief accounting officer directly 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 SEC filing for this sale provides additional information. In the last ninety days, insiders sold 101,708 shares of company stock worth $29,546,740. 0.83% of the stock is owned by insiders.

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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