Schmidt P J Investment Management Inc. Sells 646 Shares of Illinois Tool Works Inc. $ITW

Schmidt P J Investment Management Inc. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,375 shares of the industrial products company’s stock after selling 646 shares during the period. Schmidt P J Investment Management Inc.’s holdings in Illinois Tool Works were worth $4,296,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Auto Owners Insurance Co lifted its position in shares of Illinois Tool Works by 55,978.4% in the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock worth $354,654,000 after purchasing an additional 1,427,450 shares during the period. Nuveen LLC purchased a new stake in shares of Illinois Tool Works in the 1st quarter worth about $293,928,000. JPMorgan Chase & Co. lifted its position in shares of Illinois Tool Works by 14.5% in the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock worth $313,734,000 after purchasing an additional 160,009 shares during the period. Citigroup Inc. lifted its position in shares of Illinois Tool Works by 50.5% in the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock worth $92,020,000 after purchasing an additional 124,443 shares during the period. Finally, Aberdeen Group plc lifted its position in shares of Illinois Tool Works by 118.7% in the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock worth $54,789,000 after purchasing an additional 121,141 shares during the period. 79.77% of the stock is owned by institutional investors.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ITW shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. UBS Group lifted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the company an “underperform” rating in a research report on Tuesday, August 19th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Reduce” and an average price target of $262.83.

Illinois Tool Works Stock Down 4.5%

NYSE:ITW opened at $245.91 on Monday. The firm has a market cap of $71.68 billion, a P/E ratio of 23.85, a P/E/G ratio of 5.42 and a beta of 1.10. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The firm has a 50-day simple moving average of $259.36 and a two-hundred day simple moving average of $251.98.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.09. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.09 billion. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. Illinois Tool Works’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $3.91 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a dividend of $1.61 per share. The ex-dividend date was Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio (DPR) is 62.46%.

Illinois Tool Works 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.