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

Red Cedar Investment Management LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,820 shares of the industrial products company’s stock, valued at approximately $1,240,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Putney Financial Group LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at $26,000. Continuum Advisory LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter worth $29,000. Physician Wealth Advisors Inc. grew its holdings in shares of Illinois Tool Works by 77.8% in the third quarter. Physician Wealth Advisors Inc. now owns 112 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 49 shares during the period. Abound Wealth Management grew its holdings in shares of Illinois Tool Works by 178.6% in the second quarter. Abound Wealth Management now owns 117 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 75 shares during the period. Finally, Wilkerson Advisory Group LLC increased its position in Illinois Tool Works by 77.6% during the first quarter. Wilkerson Advisory Group LLC now owns 119 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $286.41 on Tuesday. The stock has a market cap 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. 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 stock’s fifty day moving average is $271.98 and its 200 day moving average is $271.53. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15.

Illinois Tool Works (NYSE:ITW) last released 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. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. Illinois Tool Works’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.81 earnings per share. Sell-side analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $1.72 per share. 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 payout ratio is presently 61.32%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Robert W. Baird increased their target price on Illinois Tool Works from $278.00 to $297.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft cut their price target 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. UBS Group set a $277.00 price target on shares of Illinois Tool Works in a research report on Friday, October 9th. Truist Financial reiterated a “hold” rating and issued a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a research note on Wednesday, October 28th. Finally, Citigroup dropped their price objective on shares of Illinois Tool Works from $317.00 to $310.00 and set a “neutral” rating on the stock in a report on Wednesday, October 28th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $276.33.

Insider Buying and Selling

In related news, CAO Matteo Pigozzo sold 277 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $289.22, for a total transaction of $80,113.94. Following the completion of the transaction, the chief accounting officer directly owned 3,394 shares in the company, valued at approximately $981,612.68. The trade was a 7.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ernest Santi sold 60,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 266,333 shares of the company’s stock, valued at $78,000,945.71. This represents a 18.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 101,708 shares of company stock valued at $29,546,740. 0.83% of the stock is currently owned by corporate 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.