Apollon Wealth Management LLC Decreases Stake in Illinois Tool Works Inc. $ITW

Key Points

• Apollon Wealth Management LLC reduced its stake in Illinois Tool Works Inc. by 7.6% during the second quarter, now holding 13,355 shares valued at approximately $3.3 million.
• Illinois Tool Works has seen positive rating changes from multiple analysts, with price targets being increased significantly; UBS raised its target from $243 to $255, and Truist Financial from $283 to $298.
• The company recently announced an increase in its quarterly dividend to $1.61 per share, up from the previous $1.50, representing an annualized yield of 2.6%.

Apollon Wealth Management LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,355 shares of the industrial products company's stock after selling 1,103 shares during the period. Apollon Wealth Management LLC's holdings in Illinois Tool Works were worth $3,302,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Illinois Tool Works by 5.3% in the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after purchasing an additional 277 shares in the last quarter. Bison Wealth LLC raised its stake in shares of Illinois Tool Works by 2.3% in the 4th quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company's stock valued at $901,000 after purchasing an additional 81 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Illinois Tool Works by 6.7% in the 1st quarter. GAMMA Investing LLC now owns 8,329 shares of the industrial products company's stock valued at $2,066,000 after purchasing an additional 526 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Illinois Tool Works by 29.1% in the 1st quarter. SG Americas Securities LLC now owns 9,411 shares of the industrial products company's stock valued at $2,334,000 after purchasing an additional 2,119 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $2,472,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ITW has been the topic of several research reports. UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Truist Financial increased their price objective on shares of Illinois Tool Works from $283.00 to $298.00 and gave the stock a "hold" rating in a research note on Wednesday. Barclays increased 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. Finally, Citigroup increased their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $262.83.

Insiders Place Their Bets

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction 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. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.88% of the company's stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $244.79 on Monday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The firm has a market capitalization of $71.36 billion, a PE ratio of 21.45, a P/E/G ratio of 5.41 and a beta of 1.10. The company's 50 day simple moving average is $261.04 and its 200 day simple moving average is $250.93.

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

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a dividend of $1.61 per share. The ex-dividend date was Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. Illinois Tool Works's payout ratio is 56.44%.

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.

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