Eventide Asset Management LLC Takes Position in Illinois Tool Works Inc. $ITW

Key Points

• Eventide Asset Management LLC acquired 2,076 shares of Illinois Tool Works Inc. valued at approximately $512,000 in the first quarter, reflecting growing institutional interest in the company.
• Illinois Tool Works reported quarterly earnings of $2.58 per share, exceeding analysts' expectations, along with a revenue of $4.05 billion, indicating a 0.6% increase from the previous year.
• The company recently announced a dividend increase from $1.50 to $1.61 per share, representing a yield of 2.4%, with the payment set for October 10th.

Eventide Asset Management LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,076 shares of the industrial products company's stock, valued at approximately $512,000.

Several other large investors have also recently made changes to their positions in ITW. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. von Borstel & Associates Inc. bought a new position in shares of Illinois Tool Works during the 1st quarter valued at about $26,000. Saudi Central Bank bought a new position in shares of Illinois Tool Works in the 1st quarter valued at about $29,000. 1248 Management LLC bought a new stake in Illinois Tool Works in the first quarter worth about $30,000. Finally, Banque Transatlantique SA purchased a new position in shares of Illinois Tool Works during the first quarter worth approximately $30,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.1%

NYSE:ITW traded up $0.38 during trading hours on Friday, reaching $266.05. 583,082 shares of the company were exchanged, compared to its average volume of 831,862. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a 50 day simple moving average of $259.77 and a 200 day simple moving average of $250.78. The firm has a market cap of $77.55 billion, a price-to-earnings ratio of 23.32, a PEG ratio of 5.74 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of research reports. Barclays boosted their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. UBS Group upped their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a research note on Thursday, July 31st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $260.67.

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.