Illinois Tool Works Inc. (ITW) Stake Increased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 50.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,653 shares of the industrial products company’s stock after buying an additional 59,196 shares during the quarter. Cornerstone Wealth Management LLC owned approximately 0.05% of Illinois Tool Works worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of Illinois Tool Works by 1.6% during the second quarter. Bank of America Corp DE now owns 5,875,087 shares of the industrial products company’s stock worth $813,935,000 after buying an additional 93,269 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Illinois Tool Works by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock worth $550,369,000 after purchasing an additional 44,036 shares during the period. Janus Henderson Group PLC boosted its holdings in Illinois Tool Works by 7.3% in the second quarter. Janus Henderson Group PLC now owns 3,774,594 shares of the industrial products company’s stock worth $522,934,000 after purchasing an additional 257,819 shares during the period. OppenheimerFunds Inc. boosted its holdings in Illinois Tool Works by 28.3% in the second quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock worth $219,489,000 after purchasing an additional 349,717 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Illinois Tool Works by 3.3% in the second quarter. Legal & General Group Plc now owns 1,563,505 shares of the industrial products company’s stock worth $216,679,000 after purchasing an additional 49,404 shares during the period. 76.24% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have commented on ITW shares. ValuEngine downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Thursday, October 11th. Zacks Investment Research raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Tuesday, September 25th. Credit Suisse Group decreased their price objective on shares of Illinois Tool Works from $146.00 to $131.00 and set a “neutral” rating for the company in a report on Thursday, October 25th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Finally, Morgan Stanley started coverage on shares of Illinois Tool Works in a report on Monday, August 20th. They issued an “equal weight” rating and a $146.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $150.18.



Shares of ITW opened at $127.57 on Thursday. Illinois Tool Works Inc. has a 1 year low of $119.38 and a 1 year high of $179.07. The firm has a market cap of $41.62 billion, a PE ratio of 19.36, a PEG ratio of 1.67 and a beta of 1.22. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $1.71 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 7.6 earnings per share for the current year.

Illinois Tool Works declared that its Board of Directors has initiated a stock repurchase plan on Friday, August 3rd that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the industrial products company to buy up to 6.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th were issued a dividend of $1.00 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date was Thursday, September 27th. This represents a $4.00 annualized dividend and a dividend yield of 3.14%. Illinois Tool Works’s payout ratio is 60.70%.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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