Illinois Tool Works Inc. (ITW) Position Cut by Cadence Capital Management LLC

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Cadence Capital Management LLC cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 42.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,556 shares of the industrial products company’s stock after selling 3,350 shares during the period. Cadence Capital Management LLC’s holdings in Illinois Tool Works were worth $654,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ITW. Farmers Trust Co. raised its position in Illinois Tool Works by 4.0% during the first quarter. Farmers Trust Co. now owns 1,808 shares of the industrial products company’s stock worth $260,000 after acquiring an additional 69 shares during the period. Kaizen Advisory LLC raised its position in Illinois Tool Works by 9.5% during the fourth quarter. Kaizen Advisory LLC now owns 819 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 71 shares during the period. Exeter Financial LLC raised its position in Illinois Tool Works by 1.0% during the first quarter. Exeter Financial LLC now owns 7,363 shares of the industrial products company’s stock worth $1,057,000 after acquiring an additional 71 shares during the period. Valeo Financial Advisors LLC raised its position in Illinois Tool Works by 11.8% during the first quarter. Valeo Financial Advisors LLC now owns 713 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 75 shares during the period. Finally, National Asset Management Inc. raised its position in Illinois Tool Works by 3.5% during the fourth quarter. National Asset Management Inc. now owns 2,284 shares of the industrial products company’s stock worth $290,000 after acquiring an additional 77 shares during the period. 78.58% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE ITW opened at $150.60 on Monday. The stock has a market capitalization of $49.06 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 1.21. The company has a quick ratio of 1.19, a current ratio of 1.53 and a debt-to-equity ratio of 1.87. Illinois Tool Works Inc. has a 52 week low of $117.75 and a 52 week high of $158.69.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Thursday, April 25th. The industrial products company reported $1.81 EPS for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.01. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.90 earnings per share. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 7.94 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Thursday, June 27th. Illinois Tool Works’s dividend payout ratio (DPR) is 52.63%.

In related news, EVP Juan Valls sold 52,265 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $142.41, for a total value of $7,443,058.65. Following the completion of the sale, the executive vice president now owns 78,620 shares of the company’s stock, valued at $11,196,274.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John R. Hartnett sold 14,323 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $153.55, for a total transaction of $2,199,296.65. Following the completion of the sale, the executive vice president now directly owns 31,695 shares of the company’s stock, valued at approximately $4,866,767.25. The disclosure for this sale can be found here. Insiders sold 110,142 shares of company stock valued at $15,992,093 over the last quarter. Company insiders own 0.87% of the company’s stock.

ITW has been the subject of a number of research analyst reports. Credit Suisse Group restated a “hold” rating and set a $124.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, January 22nd. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $128.00 to $124.00 in a research report on Tuesday, February 5th. BMO Capital Markets reduced their price objective on shares of Illinois Tool Works from $145.00 to $140.00 and set a “market perform” rating for the company in a research report on Monday, February 25th. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $137.00 to $145.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $142.59.

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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.

Further Reading: Calculating net profit and net profit margin ratio

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

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