Ethic Inc. Reduces Stock Position in Illinois Tool Works Inc. $ITW

Key Points

• Ethic Inc. reduced its stake in Illinois Tool Works Inc. by 2.5%, now holding 50,188 shares valued at $12.45 million after selling 1,313 shares in the second quarter.
• Illinois Tool Works recently announced a quarterly dividend increase, raising it to $1.61 per share, marking a boost from $1.50 and providing an annual yield of 2.5%.
• The company reported a quarterly earnings per share of $2.58, surpassing analyst expectations by $0.02, with a net margin of 21.31% and year-on-year revenue growth.

Ethic Inc. cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,188 shares of the industrial products company's stock after selling 1,313 shares during the period. Ethic Inc.'s holdings in Illinois Tool Works were worth $12,450,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ITW. Brighton Jones LLC boosted its stake in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after purchasing an additional 277 shares in the last quarter. Bison Wealth LLC increased its position in shares of Illinois Tool Works by 2.3% in the 4th quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company's stock valued at $901,000 after acquiring an additional 81 shares during the period. GAMMA Investing LLC raised its position in Illinois Tool Works by 6.7% during the 1st quarter. GAMMA Investing LLC now owns 8,329 shares of the industrial products company's stock worth $2,066,000 after buying an additional 526 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Illinois Tool Works by 1.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 44,725 shares of the industrial products company's stock worth $11,092,000 after purchasing an additional 829 shares during the period. Finally, XML Financial LLC grew its position in shares of Illinois Tool Works by 8.4% in the first quarter. XML Financial LLC now owns 3,964 shares of the industrial products company's stock valued at $983,000 after purchasing an additional 307 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 1.8%

Illinois Tool Works stock opened at $256.82 on Wednesday. The stock has a 50-day moving average price of $260.00 and a 200 day moving average price of $251.17. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The stock has a market cap of $74.86 billion, a PE ratio of 22.50, a P/E/G 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 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 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities research analysts predict 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 announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were given a dividend of $1.61 per share. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works's dividend payout ratio is currently 56.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Truist Financial raised their price objective on shares of Illinois Tool Works from $283.00 to $298.00 and gave the stock a "hold" rating in a research report on Wednesday, October 8th. Barclays lifted their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a "hold" rating in a research report on Thursday, October 2nd. Stifel Nicolaus raised their price target on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average 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 shares were sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the transaction, the chief accounting officer directly owned 10,314 shares of the company's stock, valued at $2,734,035.12. This represents a 39.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.88% of the stock is owned by company 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.