First Long Island Investors LLC Sells 1,463 Shares of Illinois Tool Works Inc. $ITW

Key Points

• First Long Island Investors LLC reduced its holdings in Illinois Tool Works by 2.5%, now owning 56,432 shares worth approximately $13.99 million.
• Illinois Tool Works plans to pay a quarterly dividend of $1.61 on October 10, increasing from the previous quarterly dividend of $1.50.
• The stock has seen a 1.5% increase, with analysts giving it an average rating of "Reduce" and a price target of approximately $260.67.

First Long Island Investors LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,432 shares of the industrial products company's stock after selling 1,463 shares during the quarter. First Long Island Investors LLC's holdings in Illinois Tool Works were worth $13,996,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ITW. GAMMA Investing LLC boosted its stake in Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Auto Owners Insurance Co lifted its position in shares of Illinois Tool Works by 55,978.4% in the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after acquiring an additional 1,427,450 shares during the period. Nuveen LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $293,928,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Illinois Tool Works by 11.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after acquiring an additional 209,671 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $47,254,000. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Down 0.7%

ITW traded down $1.97 during mid-day trading on Tuesday, reaching $261.90. The stock had a trading volume of 828,080 shares, compared to its average volume of 1,062,033. The stock has a market capitalization of $76.34 billion, a P/E ratio of 22.95, a P/E/G ratio of 5.68 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. The firm's fifty day simple moving average is $260.87 and its two-hundred day simple moving average is $250.74. 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 posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping 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 period last year, the company earned $2.54 EPS. The firm's 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, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current 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 paid a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works's payout ratio is currently 56.44%.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a research report on Thursday, July 31st. UBS Group raised their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their target price on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Stifel Nicolaus increased their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Finally, Citigroup increased their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $260.67.

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 that occurred on 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 sale, the chief accounting officer owned 10,314 shares of the company's stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.88% of the company's stock.

About Illinois Tool Works

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.