1832 Asset Management L.P. Grows Position in Illinois Tool Works Inc. $ITW

1832 Asset Management L.P. grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 13.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 240,375 shares of the industrial products company’s stock after acquiring an additional 28,778 shares during the period. 1832 Asset Management L.P.’s holdings in Illinois Tool Works were worth $59,433,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Twin Peaks Wealth Advisors LLC purchased a new stake in Illinois Tool Works during the second quarter worth about $31,000. Groupe la Francaise lifted its position in shares of Illinois Tool Works by 16.6% during the 2nd quarter. Groupe la Francaise now owns 27,449 shares of the industrial products company’s stock valued at $6,757,000 after acquiring an additional 3,908 shares during the period. Isthmus Partners LLC purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $324,000. Westerkirk Capital Inc. purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $1,879,000. Finally, Portfolio Design Labs LLC grew its holdings in shares of Illinois Tool Works by 10.8% in the 2nd quarter. Portfolio Design Labs LLC now owns 2,294 shares of the industrial products company’s stock worth $567,000 after acquiring an additional 224 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ITW shares. Evercore ISI reduced their price objective on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating for the company in a report on Monday, November 17th. Barclays lifted their price target on Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research note on Monday, October 27th. Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $263.77.

Insiders Place Their Bets

In related news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the transaction, the director directly owned 39,249 shares in the company, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.7%

Illinois Tool Works stock opened at $250.05 on Thursday. The stock has a market cap of $72.54 billion, a PE ratio of 24.25, a P/E/G ratio of 11.02 and a beta of 1.14. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. The stock has a 50-day moving average price of $249.05 and a 200 day moving average price of $253.22. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $278.20.

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

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued a $1.61 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s payout ratio is 62.46%.

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.