Farther Finance Advisors LLC Raises Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Farther Finance Advisors LLC increased its stake in Illinois Tool Works Inc. by 195.9%, owning a total of 9,938 shares worth $2.46 million after acquiring 6,579 shares in the second quarter.
• Insider trading activity was noted, with CAO Randall J. Scheuneman selling 6,802 shares at an average price of $265.08, reducing his ownership by nearly 40%.
• Illinois Tool Works announced a dividend increase to $1.61 per share, with a dividend yield of 2.5%, which will be paid on October 10th to shareholders on record as of September 30th.

Farther Finance Advisors LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 195.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,938 shares of the industrial products company's stock after purchasing an additional 6,579 shares during the quarter. Farther Finance Advisors LLC's holdings in Illinois Tool Works were worth $2,457,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $26,000. Saudi Central Bank bought a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $29,000. 1248 Management LLC acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $30,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value 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 represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ITW shares. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Barclays increased their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. 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. Finally, Truist Financial downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Stock Down 0.6%

Shares of NYSE ITW opened at $261.91 on Monday. The company's 50 day moving average price is $261.08 and its 200-day moving average price is $250.78. The company has a market capitalization of $76.35 billion, a P/E ratio of 22.95, a price-to-earnings-growth ratio of 5.65 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

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 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

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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