Dark Forest Capital Management LP Has $8.01 Million Stake in Illinois Tool Works Inc. $ITW

Key Points

• Dark Forest Capital Management LP significantly increased its position in Illinois Tool Works by 2,644% during the 1st quarter, acquiring a total of 32,297 shares valued at approximately $8.01 million.
• Illinois Tool Works recently reported $2.58 earnings per share for the last quarter, slightly beating analysts' expectations, with a revenue of $4.05 billion, also above estimates.
• The company has announced an increase in its quarterly dividend to $1.61, reflecting a positive change from the previous dividend of $1.50, and suggests a dividend yield of 2.4%.

Dark Forest Capital Management LP lifted its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2,644.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,297 shares of the industrial products company's stock after acquiring an additional 31,120 shares during the period. Illinois Tool Works makes up 0.4% of Dark Forest Capital Management LP's portfolio, making the stock its 16th largest holding. Dark Forest Capital Management LP's holdings in Illinois Tool Works were worth $8,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ITW. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works in the 4th quarter worth $26,000. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $26,000. Saudi Central Bank acquired a new stake in Illinois Tool Works during the first quarter worth about $29,000. 1248 Management LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $30,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Trading Up 0.1%

NYSE:ITW traded up $0.38 during trading hours on Friday, hitting $266.05. 583,082 shares of the stock were exchanged, compared to its average volume of 1,074,615. The company's 50 day moving average is $259.41 and its two-hundred day moving average is $250.84. 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. The company has a market capitalization of $77.55 billion, a P/E ratio of 23.32, a price-to-earnings-growth ratio of 5.64 and a beta of 1.10.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the firm posted $2.54 earnings per share. The firm's revenue for the quarter was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $1.61 dividend. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ITW shares. UBS Group lifted 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. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research report on Thursday, July 31st. Citigroup lifted their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus lifted 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. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $260.67.

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.