Gradient Investments LLC Makes New $2.18 Million Investment in Illinois Tool Works Inc. $ITW

Key Points

• Gradient Investments LLC has invested approximately $2.18 million in Illinois Tool Works Inc., acquiring 8,813 shares of the company during the second quarter.
• The company reported earnings of $2.58 per share, slightly surpassing analysts' expectations, with revenue of $4.05 billion.
• Illinois Tool Works announced an increase in its quarterly dividend from $1.50 to $1.61, reflecting a positive change for shareholders.

Gradient Investments LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,813 shares of the industrial products company's stock, valued at approximately $2,179,000.

A number of other large investors have also recently made changes to their positions in the company. Capital Asset Advisory Services LLC increased its stake in shares of Illinois Tool Works by 19.6% during the second quarter. Capital Asset Advisory Services LLC now owns 1,115 shares of the industrial products company's stock worth $284,000 after buying an additional 183 shares during the period. Wesbanco Bank Inc. increased its stake in shares of Illinois Tool Works by 9.7% during the second quarter. Wesbanco Bank Inc. now owns 6,531 shares of the industrial products company's stock worth $1,615,000 after buying an additional 576 shares during the period. Shotwell Rutter Baer Inc purchased a new stake in shares of Illinois Tool Works during the second quarter worth approximately $221,000. Somerset Trust Co increased its stake in shares of Illinois Tool Works by 0.3% during the second quarter. Somerset Trust Co now owns 20,129 shares of the industrial products company's stock worth $4,977,000 after buying an additional 66 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Illinois Tool Works by 17.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 17,987 shares of the industrial products company's stock worth $4,447,000 after buying an additional 2,647 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction 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 transaction, the chief accounting officer owned 10,314 shares in the company, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ITW shares. Barclays upped 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 research note on Monday, August 4th. Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an "underperform" rating in a report on Tuesday, August 19th. Wells Fargo & Company upped their price target on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Finally, Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $263.91 on Tuesday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The stock has a fifty day moving average price of $260.87 and a 200 day moving average price of $250.74. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The company has a market cap of $76.93 billion, a PE ratio of 23.13, a P/E/G ratio of 5.68 and a beta of 1.10.

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

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $1.61 dividend. The ex-dividend date is 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 yield of 2.4%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

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.

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