Zurich Insurance Group Ltd FI Takes $2.16 Million Position in Illinois Tool Works Inc. $ITW

Key Points

• Zurich Insurance Group Ltd FI has acquired 8,700 shares of Illinois Tool Works Inc., valued at approximately $2.16 million, as part of their new position disclosed in a Form 13F filing with the SEC.
• Illinois Tool Works recently declared a quarterly dividend increase from $1.50 to $1.61 per share, representing a 2.5% dividend yield.
• Analysts have mixed ratings on Illinois Tool Works, with an average rating of "Reduce"** and a price target of $260.67, as several firms adjust their price objectives on the stock.

Zurich Insurance Group Ltd FI bought a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 8,700 shares of the industrial products company's stock, valued at approximately $2,158,000.

Several other large investors have also recently added to or reduced their stakes in ITW. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works in the fourth quarter worth $26,000. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works in the first quarter worth $26,000. Saudi Central Bank acquired a new stake in Illinois Tool Works in the first quarter worth $29,000. 1248 Management LLC acquired a new stake in Illinois Tool Works in the first quarter worth $30,000. Finally, Banque Transatlantique SA acquired a new stake in Illinois Tool Works in the first quarter worth $30,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research report on Thursday, July 31st. Stifel Nicolaus increased their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. UBS Group increased their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Finally, Barclays increased their price target on Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Illinois Tool Works currently has a consensus rating of "Reduce" and an average target price of $260.67.

Illinois Tool Works Price Performance

ITW stock traded down $2.96 during trading hours on Friday, hitting $263.41. 668,436 shares of the stock traded hands, compared to its average volume of 818,000. The stock has a 50-day simple moving average of $260.68 and a 200 day simple moving average of $250.88. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a market cap of $76.78 billion, a P/E ratio of 23.09, a P/E/G ratio of 5.75 and a beta of 1.10. 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 (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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The business had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter last year, the business posted $2.54 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

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

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.