Illinois Tool Works Inc. $ITW Stock: Lockheed Martin Investment Management Co. Lowers Holdings

Lockheed Martin Investment Management Co. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 35.8% during the third quarter, HoldingsChannel.com reports. The firm owned 20,930 shares of the industrial products company’s stock after selling 11,680 shares during the period. Lockheed Martin Investment Management Co.’s holdings in Illinois Tool Works were worth $5,385,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Putney Financial Group LLC acquired a new stake in Illinois Tool Works in the 3rd quarter valued at $26,000. Continuum Advisory LLC acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth about $29,000. Physician Wealth Advisors Inc. boosted its stake in shares of Illinois Tool Works by 77.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 112 shares of the industrial products company’s stock worth $29,000 after buying an additional 49 shares during the last quarter. Abound Wealth Management grew its holdings in shares of Illinois Tool Works by 178.6% in the 2nd quarter. Abound Wealth Management now owns 117 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 75 shares in the last quarter. Finally, Wilkerson Advisory Group LLC grew its holdings in shares of Illinois Tool Works by 77.6% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ITW shares. UBS Group set a $277.00 target price on Illinois Tool Works in a report on Friday, October 9th. Truist Financial reaffirmed a “hold” rating and set a $293.00 price target (down from $297.00) on shares of Illinois Tool Works in a research report on Wednesday, October 28th. JPMorgan Chase & Co. cut Illinois Tool Works from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. The Goldman Sachs Group reissued a “sell” rating and issued a $270.00 price objective on shares of Illinois Tool Works in a report on Tuesday, October 27th. Finally, Robert W. Baird increased their price objective on Illinois Tool Works from $278.00 to $297.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $276.33.

Illinois Tool Works Trading Up 1.9%

Shares of NYSE:ITW opened at $286.41 on Tuesday. Illinois Tool Works Inc. has a 52-week low of $238.82 and a 52-week high of $303.15. The company has a market capitalization of $81.40 billion, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 3.22 and a beta of 0.92. The company has a 50-day simple moving average of $271.98 and a 200 day simple moving average of $271.53. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.94 and a current ratio of 1.29.

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 analysts’ consensus estimates of $2.97 by $0.03. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.81 earnings per share. Sell-side analysts forecast that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

Insider Buying and Selling

In other Illinois Tool Works news, Director Ernest Santi sold 60,000 shares of Illinois Tool Works stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the completion of the transaction, the director directly owned 266,333 shares of the company’s stock, valued at $78,000,945.71. The trade was a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction 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 transaction, the chief accounting officer directly owned 3,394 shares of the company’s stock, valued at approximately $981,612.68. This trade represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 101,708 shares of company stock worth $29,546,740 over the last three months. 0.83% of the stock is owned by 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.