4,820 Shares of Illinois Tool Works Inc. $ITW Acquired by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,820 shares of the industrial products company’s stock, valued at approximately $1,240,000.

Several other institutional investors have also recently made changes to their positions in ITW. B. Metzler seel. Sohn & Co. AG purchased a new position in shares of Illinois Tool Works in the second quarter worth $5,017,000. Sanctuary Advisors LLC bought a new position in shares of Illinois Tool Works during the second quarter worth $14,028,000. Cibc World Market Inc. purchased a new position in Illinois Tool Works during the second quarter valued at $3,887,000. Sapient Capital LLC grew its stake 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 valued at $3,703,000 after acquiring an additional 9,457 shares in the last quarter. Finally, Fidelity National Financial Inc. bought a new stake in Illinois Tool Works in the 2nd quarter valued at $20,583,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on ITW shares. JPMorgan Chase & Co. cut shares of Illinois Tool Works from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. Citigroup dropped 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 report on Wednesday, October 28th. The Goldman Sachs Group restated a “sell” rating and set a $270.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, October 27th. Weiss Ratings upgraded Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. Finally, Robert W. Baird lifted 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. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $276.33.

Insiders Place Their Bets

In other news, Director Ernest Santi sold 60,000 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total value of $17,572,200.00. Following the sale, the director directly owned 266,333 shares in the company, valued at $78,000,945.71. The trade was a 18.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Matteo Pigozzo sold 277 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were 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. This represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 101,708 shares of company stock valued at $29,546,740 over the last three months. Corporate insiders own 0.83% of the company’s stock.

Illinois Tool Works Stock Up 1.9%

NYSE ITW opened at $286.41 on Tuesday. The stock has a 50 day moving average price of $271.98 and a 200-day moving average price of $271.53. 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 quick ratio of 0.94 and a current ratio of 1.29. The company has a market capitalization of $81.40 billion, a P/E ratio of 25.53, a P/E/G ratio of 3.22 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.03. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.26 billion. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. Illinois Tool Works’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.81 earnings per share. As a group, equities analysts predict that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 61.32%.

Illinois Tool Works Company 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.