Illinois Tool Works Inc. $ITW Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Illinois Tool Works Inc. by 3.9% in Q1, selling 2,487 shares and now holding 61,109 shares valued at approximately $15.15 million.
• Analysts have set varied price targets for Illinois Tool Works, with Barclays raising their target to $243.00 while the consensus rating is 'Reduce' with a target of $260.67.
• Illinois Tool Works announced a quarterly dividend increase to $1.61 per share, reflecting a positive change from the previous dividend of $1.50, with a yield of 2.4%.

Corebridge Financial Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,109 shares of the industrial products company's stock after selling 2,487 shares during the period. Corebridge Financial Inc.'s holdings in Illinois Tool Works were worth $15,156,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the stock an "underperform" rating in a report on Tuesday, August 19th. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Bank of America downgraded shares of 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. UBS Group raised their price target 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. Finally, Robert W. Baird increased their price target on 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 research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Stock Down 0.4%

Shares of NYSE ITW traded down $1.02 during mid-day trading on Friday, reaching $264.73. 963,377 shares of the company were exchanged, compared to its average volume of 1,083,454. The firm has a 50-day moving average of $257.52 and a 200 day moving average of $250.65. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The stock has a market cap of $77.17 billion, a price-to-earnings ratio of 23.20, a P/E/G ratio of 5.76 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its 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 the consensus estimate 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 was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced 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. This is a boost 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 2.4%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is presently 56.44%.

Insider Buying and Selling

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

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.