Cornerstone Wealth Management LLC Has $902,000 Stake in Illinois Tool Works Inc. (NYSE:ITW)

Cornerstone Wealth Management LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 93.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,440 shares of the industrial products company’s stock after buying an additional 1,659 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Illinois Tool Works were worth $902,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Nomura Holdings Inc. bought a new stake in Illinois Tool Works during the fourth quarter worth about $1,443,000. Rise Advisors LLC acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $35,000. Wedmont Private Capital increased its holdings in shares of Illinois Tool Works by 16.4% during the first quarter. Wedmont Private Capital now owns 2,787 shares of the industrial products company’s stock worth $732,000 after buying an additional 393 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Illinois Tool Works by 3.2% during the first quarter. Park Avenue Securities LLC now owns 13,952 shares of the industrial products company’s stock valued at $3,744,000 after purchasing an additional 431 shares in the last quarter. Finally, RFG Advisory LLC increased its holdings in Illinois Tool Works by 1.9% in the first quarter. RFG Advisory LLC now owns 4,221 shares of the industrial products company’s stock valued at $1,133,000 after purchasing an additional 80 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.1 %

Shares of Illinois Tool Works stock opened at $260.65 on Friday. The company’s 50 day moving average price is $251.94 and its 200-day moving average price is $247.59. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The stock has a market capitalization of $77.78 billion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the business earned $2.41 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of research analyst reports. Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Jefferies Financial Group decreased their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Evercore ISI decreased their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.