Alliancebernstein L.P. Lowers Stock Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Alliancebernstein L.P. has reduced its stake in Illinois Tool Works Inc. by 3.8%, now holding approximately 284,967 shares valued at $70.68 million.
• The company announced a dividend increase to $1.61 per share, which represents a 2.4% yield and will be paid on October 10th.
• Illinois Tool Works reported earnings of $2.58 per share for the last quarter, surpassing analysts' estimates, with revenues increasing by 0.6% year-over-year.

Alliancebernstein L.P. lowered its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 284,967 shares of the industrial products company's stock after selling 11,224 shares during the period. Alliancebernstein L.P. owned 0.10% of Illinois Tool Works worth $70,675,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after buying an additional 2,057,872 shares in the last quarter. Auto Owners Insurance Co raised its stake in shares of Illinois Tool Works by 55,978.4% in the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after acquiring an additional 1,427,450 shares during the last quarter. Nuveen LLC bought a new position in shares of Illinois Tool Works in the first quarter worth about $293,928,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Illinois Tool Works by 11.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after purchasing an additional 209,671 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $47,254,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $2.96 during midday trading on Friday, reaching $263.41. The company's stock had a trading volume of 668,436 shares, compared to its average volume of 818,000. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The stock has a market cap of $76.78 billion, a PE ratio of 23.09, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10. The business has a 50-day moving average price of $260.68 and a 200-day moving average price of $250.88.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business earned $2.54 EPS. The firm'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. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed 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. 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 2.4%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is presently 52.59%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Barclays lifted their price objective on shares of 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. Evercore ISI set a $265.00 price objective on shares of Illinois Tool Works and gave the stock an "underperform" rating in a research report on Tuesday, August 19th. Finally, 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. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Reduce" and an average price target of $260.67.

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.