T. Rowe Price Investment Management Inc. Increases Position in Illinois Tool Works Inc. $ITW

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in Illinois Tool Works by 80.8%, now owning 3,780 shares valued at approximately $938,000.
• Illinois Tool Works declared a quarterly dividend of $1.61, a rise from the previous dividend of $1.50, representing an annualized yield of 2.4%.
• Analysts have mixed forecasts for Illinois Tool Works, with a current consensus rating of "Reduce" and a consensus target price of $260.67.

T. Rowe Price Investment Management Inc. increased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 80.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,780 shares of the industrial products company's stock after acquiring an additional 1,689 shares during the quarter. T. Rowe Price Investment Management Inc.'s holdings in Illinois Tool Works were worth $938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ITW. Brighton Jones LLC raised its position in shares of Illinois Tool Works by 5.3% during the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after buying an additional 277 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Illinois Tool Works by 4.5% during the fourth quarter. Integrated Wealth Concepts LLC now owns 10,372 shares of the industrial products company's stock valued at $2,630,000 after purchasing an additional 450 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in Illinois Tool Works by 5.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 8,087 shares of the industrial products company's stock worth $2,050,000 after purchasing an additional 439 shares during the last quarter. Johnson Financial Group Inc. boosted its holdings in shares of Illinois Tool Works by 71.4% in the 4th quarter. Johnson Financial Group Inc. now owns 1,361 shares of the industrial products company's stock worth $353,000 after purchasing an additional 567 shares in the last quarter. Finally, Berger Financial Group Inc bought a new position in shares of Illinois Tool Works during the 4th quarter valued at about $262,000. Institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on ITW. Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the stock an "underperform" rating in a report on Tuesday, August 19th. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a research note on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. UBS Group raised their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company upped their price target 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. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $260.67.

Illinois Tool Works Stock Down 0.3%

ITW stock traded down $0.89 on Friday, reaching $264.86. 379,559 shares of the company traded hands, compared to its average volume of 1,079,798. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The firm has a fifty day simple moving average of $257.52 and a 200-day simple moving average of $250.65. The company has a market cap of $77.21 billion, a P/E ratio of 23.22, a price-to-earnings-growth ratio of 5.76 and a beta of 1.09. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $1.61 dividend. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. Illinois Tool Works's payout ratio is presently 56.44%.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works 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.