HB Wealth Management LLC Sells 5,554 Shares of Illinois Tool Works Inc. $ITW

HB Wealth Management LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,829 shares of the industrial products company’s stock after selling 5,554 shares during the quarter. HB Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,655,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Illinois Tool Works by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company’s stock valued at $627,176,000 after acquiring an additional 11,854 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Illinois Tool Works by 0.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company’s stock worth $513,994,000 after purchasing an additional 13,354 shares in the last quarter. Invesco Ltd. raised its holdings in Illinois Tool Works by 4.7% in the first quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company’s stock worth $504,683,000 after purchasing an additional 91,359 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Illinois Tool Works by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company’s stock worth $435,508,000 after purchasing an additional 45,316 shares in the last quarter. Finally, Amundi raised its holdings in Illinois Tool Works by 1.1% in the first quarter. Amundi now owns 1,599,648 shares of the industrial products company’s stock worth $383,828,000 after purchasing an additional 17,119 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.1%

NYSE ITW opened at $261.08 on Wednesday. The stock’s 50 day moving average is $261.57 and its 200 day moving average is $250.92. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a market cap of $76.10 billion, a PE ratio of 22.88, a P/E/G ratio of 5.64 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the firm earned $2.54 EPS. The firm’s revenue was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s payout ratio is presently 52.59%.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the transaction, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price objective for the company. in a report on Thursday, July 31st. UBS Group increased their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Wells Fargo & Company increased their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a report on Thursday, July 31st. Citigroup raised their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Finally, Stifel Nicolaus raised their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Reduce” and an average target price of $260.67.

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.