Advisors Capital Management LLC Acquires New Position in Illinois Tool Works Inc. $ITW

Advisors Capital Management LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,650 shares of the industrial products company's stock, valued at approximately $987,000.

A number of other large investors have also recently modified their holdings of ITW. Vanguard Group Inc. raised its holdings in shares of Illinois Tool Works by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 26,887,218 shares of the industrial products company's stock worth $6,622,322,000 after buying an additional 189,229 shares in the last quarter. BlackRock Inc. bought a new position in Illinois Tool Works in the second quarter valued at about $6,296,349,000. State Street Corp raised its stake in Illinois Tool Works by 1.2% during the fourth quarter. State Street Corp now owns 12,596,511 shares of the industrial products company's stock worth $3,122,535,000 after acquiring an additional 151,864 shares in the last quarter. Geode Capital Management LLC raised its stake in Illinois Tool Works by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 6,944,651 shares of the industrial products company's stock worth $1,709,734,000 after acquiring an additional 184,301 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of Illinois Tool Works by 3.2% in the 4th quarter. Capital Research Global Investors now owns 4,636,392 shares of the industrial products company's stock valued at $1,141,948,000 after purchasing an additional 142,837 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Activity

In related news, CAO Matteo C. Pigozzo sold 277 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the transaction, the chief accounting officer owned 3,394 shares in the company, valued at $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer F. Scanlon purchased 806 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were purchased at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the transaction, the director directly owned 1,652 shares of the company's stock, valued at approximately $409,679.48. The trade was a 95.27% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.83% of the company's stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $282.23 on Friday. The company has a market capitalization of $80.38 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 4.78 and a beta of 0.99. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The stock has a fifty day simple moving average of $278.00 and a 200 day simple moving average of $271.50. The company has a quick ratio of 0.81, a current ratio of 1.11 and a debt-to-equity ratio of 2.26.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.19 billion. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.58 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. Sell-side analysts expect that Illinois Tool Works Inc. will post 11.45 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a $1.72 dividend. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.61. The ex-dividend date is Wednesday, September 30th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.4%. Illinois Tool Works's dividend payout ratio is presently 58.39%.

Analysts Set New Price Targets

A number of research firms recently issued reports on ITW. The Goldman Sachs Group reiterated a "sell" rating and set a $254.00 price objective on shares of Illinois Tool Works in a research report on Thursday, April 30th. UBS Group restated a "neutral" rating and issued a $300.00 target price on shares of Illinois Tool Works in a research report on Wednesday, July 29th. Truist Financial boosted their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the stock a "hold" rating in a research note on Thursday, July 2nd. Evercore dropped their price target on Illinois Tool Works from $296.00 to $272.00 in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $310.00 to $350.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $281.25.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.

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