Coerente Capital Management Grows Position in Illinois Tool Works Inc. $ITW

Key Points

Error: One or more errors occurred.

Coerente Capital Management grew its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,525 shares of the industrial products company's stock after acquiring an additional 1,718 shares during the quarter. Illinois Tool Works accounts for 4.7% of Coerente Capital Management's portfolio, making the stock its 9th biggest holding. Coerente Capital Management's holdings in Illinois Tool Works were worth $25,597,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new position in shares of Illinois Tool Works during the first quarter valued at $26,000. SOA Wealth Advisors LLC. lifted its holdings in shares of Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Saudi Central Bank bought a new position in shares of Illinois Tool Works during the first quarter valued at $29,000. 1248 Management LLC bought a new position in shares of Illinois Tool Works during the first quarter valued at $30,000. Finally, Banque Transatlantique SA bought a new position in shares of Illinois Tool Works during the first quarter valued at $30,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Down 1.8%

Illinois Tool Works stock opened at $248.19 on Friday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The stock has a fifty day moving average of $261.18 and a 200 day moving average of $251.04. The stock has a market cap of $72.35 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 5.59 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13.

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

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $1.61 dividend. The ex-dividend date is 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 dividend payout ratio (DPR) is currently 56.44%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ITW. Stifel Nicolaus upped their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Illinois Tool Works in a research report on Wednesday. Barclays upped their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the company an "underperform" rating in a research report on Tuesday, August 19th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $262.83.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works 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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.