Cadence Capital Management LLC Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

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Cadence Capital Management LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 19.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,099 shares of the industrial products company’s stock after selling 2,421 shares during the period. Cadence Capital Management LLC’s holdings in Illinois Tool Works were worth $1,951,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Berman Capital Advisors LLC boosted its stake in Illinois Tool Works by 8.5% during the 2nd quarter. Berman Capital Advisors LLC now owns 704 shares of the industrial products company’s stock worth $122,000 after purchasing an additional 55 shares during the period. Aries Wealth Management boosted its stake in Illinois Tool Works by 0.6% during the 3rd quarter. Aries Wealth Management now owns 8,602 shares of the industrial products company’s stock worth $1,662,000 after purchasing an additional 55 shares during the period. Carroll Financial Associates Inc. boosted its stake in Illinois Tool Works by 1.6% during the 3rd quarter. Carroll Financial Associates Inc. now owns 3,579 shares of the industrial products company’s stock worth $691,000 after purchasing an additional 56 shares during the period. Sound View Wealth Advisors Group LLC boosted its stake in Illinois Tool Works by 0.7% during the 2nd quarter. Sound View Wealth Advisors Group LLC now owns 8,485 shares of the industrial products company’s stock worth $1,484,000 after purchasing an additional 59 shares during the period. Finally, Nachman Norwood & Parrott Inc boosted its stake in Illinois Tool Works by 0.4% during the 2nd quarter. Nachman Norwood & Parrott Inc now owns 14,475 shares of the industrial products company’s stock worth $2,531,000 after purchasing an additional 61 shares during the period. 78.12% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $205.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. They noted that the move was a valuation call. Morgan Stanley raised their target price on shares of Illinois Tool Works from $162.00 to $167.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 13th. Bank of America raised their target price on shares of Illinois Tool Works from $130.00 to $175.00 and gave the stock an “underperform” rating in a research note on Monday, August 3rd. Credit Suisse Group raised their target price on shares of Illinois Tool Works from $174.00 to $195.00 in a research note on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Illinois Tool Works from $168.00 to $173.00 and gave the stock a “hold” rating in a research note on Tuesday, October 13th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $173.69.

In other Illinois Tool Works news, CFO Michael M. Larsen sold 66,821 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $187.09, for a total transaction of $12,501,540.89. Following the completion of the transaction, the chief financial officer now directly owns 52,319 shares in the company, valued at approximately $9,788,361.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $194.58, for a total transaction of $5,779,415.16. Following the transaction, the insider now owns 63,300 shares of the company’s stock, valued at $12,316,914. The disclosure for this sale can be found here. Insiders have sold a total of 143,879 shares of company stock valued at $27,240,677 over the last 90 days. 0.79% of the stock is currently owned by insiders.

Shares of NYSE ITW traded up $2.85 during midday trading on Friday, hitting $206.64. The company had a trading volume of 1,219,723 shares, compared to its average volume of 1,380,735. The company has a quick ratio of 2.18, a current ratio of 2.75 and a debt-to-equity ratio of 3.29. Illinois Tool Works Inc. has a twelve month low of $115.94 and a twelve month high of $207.75. The business has a 50-day simple moving average of $197.01 and a two-hundred day simple moving average of $177.70. The firm has a market capitalization of $65.33 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 6.37 and a beta of 1.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.31. Illinois Tool Works had a net margin of 17.16% and a return on equity of 81.80%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the business earned $1.91 earnings per share. The business’s revenue for the quarter was down 29.0% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works Inc. will post 5.78 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.14 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.07. This represents a $4.56 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Tuesday, September 29th. Illinois Tool Works’s dividend payout ratio (DPR) is 58.84%.

About Illinois Tool Works

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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