Guinness Asset Management LTD Cuts Stock Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Guinness Asset Management LTD has reduced its stake in Illinois Tool Works Inc. by 2.6% during the first quarter, now holding approximately $204.01 million worth of shares.
• Several institutional investors have increased their positions in Illinois Tool Works, indicating continued interest in the stock, which is owned 79.77% by institutional investors and hedge funds.
• Illinois Tool Works has declared a quarterly dividend increase to $1.61 per share, effective October 10th, representing an annual yield of 2.4%.

Guinness Asset Management LTD lessened its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 822,888 shares of the industrial products company's stock after selling 22,038 shares during the period. Illinois Tool Works comprises 3.9% of Guinness Asset Management LTD's portfolio, making the stock its 13th largest holding. Guinness Asset Management LTD owned about 0.28% of Illinois Tool Works worth $204,014,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Illinois Tool Works by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock worth $627,176,000 after buying an additional 11,854 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Illinois Tool Works by 0.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company's stock valued at $513,994,000 after purchasing an additional 13,354 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Illinois Tool Works by 26,372.8% during the first 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $522,110,000 after purchasing an additional 209,671 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Illinois Tool Works by 4.7% during 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 during the last quarter. Institutional investors own 79.77% of the company's stock.

Analysts Set New Price Targets

ITW has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Citigroup boosted their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Barclays boosted their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an "underperform" rating in a report on Tuesday, August 19th. Finally, Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. One 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 MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $260.67.

Insider Activity

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction on 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded up $3.10 during midday trading on Wednesday, reaching $264.94. The stock had a trading volume of 283,320 shares, compared to its average volume of 1,059,114. The stock has a 50-day moving average of $260.95 and a 200-day moving average of $250.82. 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 company has a market capitalization of $77.23 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 5.69 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is currently 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.