Illinois Tool Works Inc. $ITW Shares Bought by Renaissance Technologies LLC

Key Points

• Renaissance Technologies boosted its Illinois Tool Works stake by 442.5% in the first quarter, adding 538,200 shares to bring its total to 659,840 shares worth about $171.75 million.
• Illinois Tool Works reported better-than-expected quarterly results, with earnings of $2.66 per share versus estimates of $2.57 and revenue of $4.02 billion, slightly ahead of expectations.
• The company paid a quarterly dividend of $1.61 per share and analysts currently have a cautious outlook, with a consensus rating of "Reduce" and an average target price of $274.

Renaissance Technologies LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 442.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 659,840 shares of the industrial products company's stock after buying an additional 538,200 shares during the period. Renaissance Technologies LLC owned about 0.23% of Illinois Tool Works worth $171,750,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Meridian Wealth Management LLC lifted its stake in Illinois Tool Works by 1.3% during the 4th quarter. Meridian Wealth Management LLC now owns 2,818 shares of the industrial products company's stock worth $694,000 after acquiring an additional 37 shares in the last quarter. Winnow Wealth LLC grew its position in Illinois Tool Works by 1.0% in the 4th quarter. Winnow Wealth LLC now owns 3,809 shares of the industrial products company's stock valued at $941,000 after acquiring an additional 37 shares in the last quarter. Crown Wealth Group LLC increased its stake in Illinois Tool Works by 4.0% during the first quarter. Crown Wealth Group LLC now owns 953 shares of the industrial products company's stock worth $248,000 after purchasing an additional 37 shares during the period. Mayflower Financial Advisors LLC lifted its position in shares of Illinois Tool Works by 3.8% during the fourth quarter. Mayflower Financial Advisors LLC now owns 1,065 shares of the industrial products company's stock worth $262,000 after purchasing an additional 39 shares in the last quarter. Finally, Revisor Wealth Management LLC lifted its position in shares of Illinois Tool Works by 1.4% during the fourth quarter. Revisor Wealth Management LLC now owns 2,841 shares of the industrial products company's stock worth $734,000 after purchasing an additional 39 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $282.91 on Friday. The company has a market cap of $81.39 billion, a P/E ratio of 26.27, a PEG ratio of 4.76 and a beta of 1.00. The firm has a fifty day moving average price of $262.39 and a 200 day moving average price of $266.96. The company has a current ratio of 1.19, a quick ratio of 0.86 and a debt-to-equity ratio of 2.04. Illinois Tool Works Inc. has a 12 month low of $238.82 and a 12 month high of $303.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The industrial products company reported $2.66 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.09. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 97.36% and a net margin of 19.32%.Illinois Tool Works's quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the firm earned $2.38 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.100-11.500 EPS. Sell-side analysts predict that Illinois Tool Works Inc. will post 11.37 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is 59.80%.

Insiders Place Their Bets

In other Illinois Tool Works news, Director Jennifer F. Scanlon bought 806 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was purchased at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the completion of the purchase, the director directly owned 1,652 shares in the company, valued at $409,679.48. This trade represents a 95.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.83% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ITW shares. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $245.00 to $255.00 and gave the company an "underweight" rating in a report on Monday, May 4th. Truist Financial raised their price target on shares of Illinois Tool Works from $280.00 to $301.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Barclays dropped their price target on shares of Illinois Tool Works from $275.00 to $250.00 and set an "underweight" rating for the company in a research note on Wednesday, April 1st. JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $295.00 to $310.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Finally, Evercore reduced their price objective on Illinois Tool Works from $296.00 to $272.00 in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $274.00.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.

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