Illinois Tool Works Inc. $ITW Shares Bought by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC has increased its holdings in Illinois Tool Works by 24.2%, owning approximately $56.2 million worth of shares after purchasing over 42,000 additional shares in the second quarter.
• Illinois Tool Works recently reported $2.58 EPS for the latest quarter, exceeding expectations, and announced a quarterly dividend increase to $1.61, reflecting a dividend yield of 2.4%.
• Several brokerages have adjusted their price targets for Illinois Tool Works, with the consensus price target now at $260.67 and an average rating indicating a mix of hold and sell recommendations.

Wealth Enhancement Advisory Services LLC grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 24.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 217,344 shares of the industrial products company's stock after buying an additional 42,361 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.07% of Illinois Tool Works worth $56,184,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Ameriflex Group Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $26,000. von Borstel & Associates Inc. acquired a new position in shares of Illinois Tool Works in the first quarter valued at approximately $26,000. Saudi Central Bank bought a new position in shares of Illinois Tool Works in the 1st quarter valued at $29,000. 1248 Management LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $30,000. Finally, Banque Transatlantique SA purchased a new position in Illinois Tool Works in the first quarter worth $30,000. Institutional investors own 79.77% of the company's stock.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 directly owned 10,314 shares of the company's stock, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ITW. UBS Group lifted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Barclays increased 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 research report on Monday, August 4th. Finally, Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Stock Down 0.3%

NYSE:ITW traded down $0.69 during midday trading on Monday, hitting $261.17. 150,621 shares of the company were exchanged, compared to its average volume of 1,060,572. The company has a market capitalization of $76.13 billion, a PE ratio of 22.89, a price-to-earnings-growth ratio of 5.65 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a fifty day simple moving average of $261.08 and a 200 day simple moving average of $250.78. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share 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. Investors of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is 52.59%.

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.