GSA Capital Partners LLP Has $1.09 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• GSA Capital Partners LLP reduced its stake in Illinois Tool Works Inc. by 28.5% in Q1 2023, holding 4,377 shares valued at approximately $1,086,000.
• Several large investors, including Meeder Advisory Services and Mackenzie Financial Corp, have modified their positions, with some increasing their stakes in Illinois Tool Works during the same period.
• Wall Street analysts have mixed ratings on Illinois Tool Works, with a consensus rating of "Hold" and an average price target of $255.67, while recent price projections varied widely among firms.

GSA Capital Partners LLP decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 28.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,377 shares of the industrial products company's stock after selling 1,741 shares during the period. GSA Capital Partners LLP's holdings in Illinois Tool Works were worth $1,086,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. F M Investments LLC lifted its position in Illinois Tool Works by 4.9% during the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock worth $227,000 after buying an additional 42 shares in the last quarter. Trust Co of the South lifted its position in Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock worth $367,000 after buying an additional 42 shares in the last quarter. Northern Financial Advisors Inc lifted its position in Illinois Tool Works by 1.9% during the 1st quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock worth $582,000 after buying an additional 44 shares in the last quarter. Integrated Advisors Network LLC lifted its position in Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after buying an additional 45 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators lifted its position in Illinois Tool Works by 3.3% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock worth $355,000 after buying an additional 46 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on ITW. Citigroup boosted their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Truist Financial cut 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. UBS Group boosted their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Finally, Barclays boosted their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has an average rating of "Hold" and a consensus target price of $259.08.

Illinois Tool Works Stock Down 1.6%

NYSE ITW traded down $4.06 during trading hours on Friday, reaching $251.91. 1,236,431 shares of the company's stock were exchanged, compared to its average volume of 992,529. The company's 50-day moving average is $250.93 and its two-hundred day moving average is $250.15. 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 quick ratio of 1.16 and a current ratio of 1.59. The company has a market capitalization of $73.81 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 5.68 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the business earned $2.54 EPS. Illinois Tool Works's revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared 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 represents a $6.44 dividend on an annualized basis and a yield of 2.6%. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is 52.59%.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by company insiders.

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.