New York Life Investment Management LLC Raises Stock Position in Illinois Tool Works Inc. $ITW

New York Life Investment Management LLC lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,321 shares of the industrial products company’s stock after buying an additional 386 shares during the period. New York Life Investment Management LLC’s holdings in Illinois Tool Works were worth $9,969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ITW. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $25,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works during the 1st quarter worth approximately $26,000. SOA Wealth Advisors LLC. grew its position in Illinois Tool Works by 90.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Saudi Central Bank purchased a new stake in Illinois Tool Works during the 1st quarter worth approximately $29,000. Finally, 1248 Management LLC purchased a new stake in Illinois Tool Works during the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.8%

ITW stock opened at $245.85 on Wednesday. The firm’s fifty day simple moving average is $258.77 and its 200-day simple moving average is $252.20. The company has a market capitalization of $71.32 billion, a P/E ratio of 23.85, a price-to-earnings-growth ratio of 5.47 and a beta of 1.10. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same period in the previous year, the business posted $3.91 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a $1.61 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend 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 presently 62.46%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. UBS Group boosted their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. Robert W. Baird set a $265.00 target price on shares of Illinois Tool Works in a research report on Monday. Truist Financial dropped their target price on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Barclays upped their price objective on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $262.00.

Insiders Place Their Bets

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the completion of the transaction, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

About Illinois Tool Works

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.