Great Lakes Advisors LLC Has $810,000 Stake in Illinois Tool Works Inc. $ITW

Key Points

• Great Lakes Advisors LLC significantly reduced its stake in Illinois Tool Works Inc. by 78.1%, dropping to 3,267 shares valued at $810,000.
• Institutional investors now own 79.77% of the stock, with notable increases from GAMMA Investing LLC, Charles Schwab, and Dimensional Fund Advisors.
• Illinois Tool Works has announced a quarterly dividend increase to $1.61 per share, reflecting a 2.4% yield, to be paid on October 10th.

Great Lakes Advisors LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 78.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,267 shares of the industrial products company's stock after selling 11,656 shares during the quarter. Great Lakes Advisors LLC's holdings in Illinois Tool Works were worth $810,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Illinois Tool Works by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock valued at $627,176,000 after buying an additional 11,854 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of 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 worth $5,123,080,000 after acquiring an additional 2,057,872 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Illinois Tool Works by 11.3% during the fourth 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 purchasing an additional 209,671 shares during the last quarter. Invesco Ltd. grew its position in Illinois Tool Works by 4.7% in the first quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company's stock valued at $504,683,000 after purchasing an additional 91,359 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Illinois Tool Works by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company's stock valued at $435,508,000 after buying an additional 45,316 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. 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 research note on Thursday, July 31st. Barclays raised their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. UBS Group boosted their price target 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. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an "underperform" rating in a research note on Tuesday, August 19th. Finally, Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Price Performance

NYSE:ITW opened at $266.50 on Friday. The company has a market cap of $77.69 billion, a P/E ratio of 23.36, a P/E/G ratio of 5.66 and a beta of 1.10. The firm's fifty day moving average price is $260.58 and its two-hundred day moving average price is $250.89. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. 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 announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm posted $2.54 EPS. Illinois Tool Works's revenue was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share 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. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase 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 is 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.

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.