DekaBank Deutsche Girozentrale Sells 33,488 Shares of Illinois Tool Works Inc. $ITW

Key Points

• DekaBank Deutsche Girozentrale reduced its stake in Illinois Tool Works Inc. by 9.0%, selling 33,488 shares during the second quarter, leaving it with approximately 0.12% ownership of the company valued at $83,160,000.
• Several institutional investors, including Bogart Wealth LLC and Chicago Partners Investment Group LLC, significantly increased their positions in Illinois Tool Works during the same period.
• The company announced a dividend increase, paying $1.61 per share on October 10th, up from the previous $1.50, resulting in an annualized dividend yield of 2.5%.

DekaBank Deutsche Girozentrale trimmed its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,337 shares of the industrial products company's stock after selling 33,488 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.12% of Illinois Tool Works worth $83,160,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ITW. Bogart Wealth LLC raised its position in shares of Illinois Tool Works by 26.3% in the 2nd quarter. Bogart Wealth LLC now owns 216 shares of the industrial products company's stock valued at $53,000 after acquiring an additional 45 shares during the period. Princeton Global Asset Management LLC increased its position in shares of Illinois Tool Works by 41.1% in the 2nd quarter. Princeton Global Asset Management LLC now owns 669 shares of the industrial products company's stock valued at $166,000 after buying an additional 195 shares in the last quarter. West Tower Group LLC acquired a new stake in Illinois Tool Works during the 2nd quarter worth $396,000. Chicago Partners Investment Group LLC lifted its holdings in Illinois Tool Works by 41.7% during the second quarter. Chicago Partners Investment Group LLC now owns 2,350 shares of the industrial products company's stock worth $619,000 after acquiring an additional 692 shares in the last quarter. Finally, Aspiriant LLC raised its position in shares of Illinois Tool Works by 32.7% during the second quarter. Aspiriant LLC now owns 1,233 shares of the industrial products company's stock worth $305,000 after purchasing an additional 304 shares during the period. Institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research reports. Truist Financial increased their target price on Illinois Tool Works from $283.00 to $298.00 and gave the stock a "hold" rating in a research note on Wednesday, October 8th. Citigroup raised their price objective 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. Wells Fargo & Company upped their target price 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. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the stock an "underperform" rating in a report on Tuesday, August 19th. Finally, Stifel Nicolaus lifted their target price on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Reduce" and a consensus price target of $262.83.

Insider Buying and Selling at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, September 11th. The stock was 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 directly owned 10,314 shares of the company's stock, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Up 1.9%

ITW opened at $257.17 on Wednesday. The stock's fifty day simple moving average is $260.00 and its 200 day simple moving average is $251.17. 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 cap of $74.96 billion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 5.58 and a beta of 1.10. 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 released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for 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 company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, 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 was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $1.61 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works's dividend payout ratio (DPR) is currently 56.44%.

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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