GC Wealth Management RIA LLC Buys New Stake in Illinois Tool Works Inc. $ITW

Key Points

• GC Wealth Management RIA LLC has purchased 1,970 shares of Illinois Tool Works, valued at approximately $487,000, making a new investment in the industrial products company during the 2nd quarter.
• Illinois Tool Works recently increased its quarterly dividend from $1.50 to $1.61 per share, reflecting a commitment to returning value to shareholders with an annual yield of 2.5%.
• Analysts have set a consensus target price of $260.67 for Illinois Tool Works shares, with a mix of ratings including one Buy, eight Holds, and three Sells from equity analysts.

GC Wealth Management RIA LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,970 shares of the industrial products company's stock, valued at approximately $487,000.

Other institutional investors also recently bought and sold shares of the company. von Borstel & Associates Inc. bought a new position in Illinois Tool Works during the first quarter valued at $26,000. Saudi Central Bank bought a new position in Illinois Tool Works during the first quarter valued at $29,000. 1248 Management LLC bought a new position in Illinois Tool Works during the first quarter valued at $30,000. Banque Transatlantique SA bought a new position in Illinois Tool Works during the first quarter valued at $30,000. Finally, Nova Wealth Management Inc. bought a new position in Illinois Tool Works during the first quarter valued at $36,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.1%

ITW stock opened at $261.08 on Wednesday. The company has a market capitalization of $76.10 billion, a PE ratio of 22.88, a P/E/G ratio of 5.64 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm's 50-day moving average is $261.57 and its 200 day moving average is $250.92. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. The business 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 revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works's payout ratio is 52.59%.

Analysts Set New Price Targets

Several equities analysts have commented on ITW shares. Evercore ISI set a $265.00 price objective on shares of Illinois Tool Works and gave the company an "underperform" rating in a research report on Tuesday, August 19th. Citigroup raised their target price 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. Stifel Nicolaus raised their target price 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. UBS Group raised their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Barclays raised their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. One 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. Based on data from MarketBeat.com, the company presently has an average 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 firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the transaction, the chief accounting officer 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 available at this hyperlink. Company insiders own 0.88% of the company's stock.

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.

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.