IFP Advisors Inc Cuts Position in Illinois Tool Works Inc. $ITW

Key Points

• IFP Advisors Inc reduced its stake in Illinois Tool Works Inc. by 40.6% during the second quarter, now holding 4,530 shares valued at approximately $1.13 million.
• Illinois Tool Works increased its quarterly dividend to $1.61, reflecting a boost from the previous $1.50 and offering a 2.6% yield.
• Various institutional investors have significantly increased their holdings in Illinois Tool Works, with Auto Owners Insurance Co. raising its stake by 55,978.4% during the first quarter.

IFP Advisors Inc lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 40.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,530 shares of the industrial products company's stock after selling 3,100 shares during the period. IFP Advisors Inc's holdings in Illinois Tool Works were worth $1,128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. Auto Owners Insurance Co increased its stake in Illinois Tool Works by 55,978.4% during the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after buying an additional 1,427,450 shares in the last quarter. Nuveen LLC purchased a new stake in Illinois Tool Works during the 1st quarter worth approximately $293,928,000. JPMorgan Chase & Co. increased its stake in Illinois Tool Works by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company's stock worth $313,734,000 after buying an additional 160,009 shares in the last quarter. Citigroup Inc. increased its stake in Illinois Tool Works by 50.5% during the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company's stock worth $92,020,000 after buying an additional 124,443 shares in the last quarter. Finally, Aberdeen Group plc increased its stake in Illinois Tool Works by 118.7% during the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company's stock worth $54,789,000 after buying an additional 121,141 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer directly 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 is accessible through this link. Corporate insiders own 0.88% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on ITW. Truist Financial boosted their price objective on Illinois Tool Works from $283.00 to $298.00 and gave the stock a "hold" rating in a research note on Wednesday. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the stock a "hold" rating in a research note on Thursday, October 2nd. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $262.83.

Illinois Tool Works Trading Down 1.4%

Shares of Illinois Tool Works stock opened at $244.79 on Monday. The stock has a market cap of $71.36 billion, a P/E ratio of 21.45, a P/E/G ratio of 5.41 and a beta of 1.10. The stock's 50 day simple moving average is $261.04 and its 200-day simple moving average is $250.93. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-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 released its quarterly earnings data 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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the firm posted $2.54 earnings per share. The firm's quarterly revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a $1.61 dividend. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, September 30th. Illinois Tool Works's payout ratio is currently 56.44%.

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.

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