Ocean Capital Management LLC Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Ocean Capital Management LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 3,772 shares of the industrial products company’s stock after selling 252 shares during the quarter. Illinois Tool Works comprises approximately 0.4% of Ocean Capital Management LLC’s portfolio, making the stock its 28th biggest holding. Ocean Capital Management LLC’s holdings in Illinois Tool Works were worth $660,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Elmwood Wealth Management Inc. acquired a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $27,000. Watson Rebecca acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $43,000. JJJ Advisors Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $46,000. Tarbox Family Office Inc. increased its holdings in shares of Illinois Tool Works by 32.5% during the 2nd quarter. Tarbox Family Office Inc. now owns 273 shares of the industrial products company’s stock worth $48,000 after buying an additional 67 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $51,000. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Richard H. Lenny purchased 1,575 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $159.19 per share, for a total transaction of $250,724.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ernest Scott Santi purchased 6,300 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $158.42 per share, for a total transaction of $998,046.00. Following the completion of the purchase, the chief executive officer now owns 141,994 shares of the company’s stock, valued at $22,494,689.48. The disclosure for this purchase can be found here. Insiders own 0.79% of the company’s stock.

NYSE ITW traded down $0.68 during trading on Friday, reaching $184.99. The company’s stock had a trading volume of 1,234,651 shares, compared to its average volume of 939,059. The company has a debt-to-equity ratio of 3.37, a quick ratio of 2.13 and a current ratio of 2.71. The firm has a market cap of $58.66 billion, a price-to-earnings ratio of 23.99, a P/E/G ratio of 4.65 and a beta of 1.16. Illinois Tool Works Inc. has a twelve month low of $115.94 and a twelve month high of $190.85. The business’s fifty day moving average price is $175.28 and its 200-day moving average price is $168.07.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Friday, July 31st. The industrial products company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.31. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.34 billion. Illinois Tool Works had a net margin of 18.06% and a return on equity of 87.33%. Illinois Tool Works’s quarterly revenue was down 29.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.91 earnings per share. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 5.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $1.07 dividend. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 2.31%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Illinois Tool Works from $160.00 to $156.00 and set a “neutral” rating for the company in a report on Wednesday, May 6th. Morgan Stanley downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $165.00 to $156.00 in a report on Monday, July 13th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $187.00 target price for the company in a report on Thursday, May 28th. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $138.00 to $156.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Northcoast Research upgraded shares of Illinois Tool Works from a “sell” rating to a “neutral” rating in a report on Friday, May 8th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $160.81.

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: What is meant by a buy rating?

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

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