Biondo Investment Advisors LLC Purchases 1,641 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Biondo Investment Advisors LLC increased its holdings in Illinois Tool Works by 4.2%, acquiring an additional 1,641 shares during the first quarter, bringing its total stake to 40,885 shares valued at $10.14 million.
• Illinois Tool Works recently reported earnings of $2.58 per share for the last quarter, slightly exceeding expectations and showing a 0.6% year-over-year revenue increase.
• The company announced a dividend increase to $1.61 per share, effective October 10th, raising its annualized dividend to $6.44, which reflects a 2.4% dividend yield.

Biondo Investment Advisors LLC grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,885 shares of the industrial products company's stock after purchasing an additional 1,641 shares during the period. Biondo Investment Advisors LLC's holdings in Illinois Tool Works were worth $10,140,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $26,000. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at $26,000. Park Square Financial Group LLC purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth about $35,000. Olde Wealth Management LLC acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $49,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Illinois Tool Works by 167.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 211 shares of the industrial products company's stock worth $52,000 after buying an additional 132 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ITW shares. Citigroup upped their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a research report on Thursday, July 31st. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the company an "underperform" rating in a research note on Tuesday, August 19th. Finally, Robert W. Baird lifted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $260.67.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction on Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded down $2.46 during trading on Thursday, hitting $264.38. 218,745 shares of the stock were exchanged, compared to its average volume of 1,080,986. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The stock has a market capitalization of $77.07 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 5.74 and a beta of 1.09. The company has a fifty day moving average price of $257.03 and a 200-day moving average price of $250.60. 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 posted 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 business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal 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 $1.61 dividend. 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 currently 52.59%.

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.