Cullinan Associates Inc. Trims Stock Position in Illinois Tool Works Inc. $ITW

Key Points

• Cullinan Associates Inc. reduced its holdings in Illinois Tool Works by 5.0%, owning 26,265 shares after selling 1,374 shares during the second quarter, amounting to $6,494,000 in value.
• Illinois Tool Works announced a quarterly dividend of $1.61, increasing from the previous $1.50, with a dividend yield of 2.5% set to be paid on October 10th.
• The stock of Illinois Tool Works recently opened at $260.19, with analysts giving it an average rating of "Reduce" and a consensus target price of $261.58.

Cullinan Associates Inc. lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,265 shares of the industrial products company's stock after selling 1,374 shares during the period. Cullinan Associates Inc.'s holdings in Illinois Tool Works were worth $6,494,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Sivia Capital Partners LLC purchased a new position in Illinois Tool Works during the first quarter worth about $214,000. OneAscent Financial Services LLC increased its position in shares of Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock worth $416,000 after purchasing an additional 341 shares during the last quarter. Modern Wealth Management LLC raised its stake in Illinois Tool Works by 8.3% in the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company's stock valued at $210,000 after purchasing an additional 65 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of Illinois Tool Works in the 1st quarter worth $946,000. Finally, Advisory Alpha LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter worth $259,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.2%

ITW stock opened at $260.19 on Monday. The business has a 50 day moving average of $261.43 and a 200 day moving average of $250.99. The firm has a market cap of $75.85 billion, a PE ratio of 22.80, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released 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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the firm posted $2.54 earnings per share. The company'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, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal 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 represents a $6.44 annualized dividend and a yield of 2.5%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is presently 56.44%.

Insider Buying and Selling at Illinois Tool Works

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 owned 10,314 shares of the company's stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Stifel Nicolaus raised their price objective 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 raised their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft raised their price target on Illinois Tool Works from $265.00 to $268.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, Barclays raised their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Two research analysts have 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 data from MarketBeat.com, Illinois Tool Works has an average rating of "Reduce" and a consensus target price of $261.58.

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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