1832 Asset Management L.P. Reduces Stock Position in Illinois Tool Works Inc. $ITW

Key Points

• 1832 Asset Management L.P. has significantly reduced its stake in Illinois Tool Works Inc. by 57%, holding 211,597 shares after selling 280,564 shares in the first quarter.
• Illinois Tool Works recently announced a quarterly dividend increase to $1.61 per share, reflecting a boost from the previous $1.50 dividend, with an annualized yield of 2.4%.
• The company's latest earnings report showed an EPS of $2.58, exceeding expectations, and estimated FY 2025 EPS guidance is set between 10.350 and 10.550.

1832 Asset Management L.P. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 57.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 211,597 shares of the industrial products company's stock after selling 280,564 shares during the quarter. 1832 Asset Management L.P. owned about 0.07% of Illinois Tool Works worth $52,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Illinois Tool Works by 26,372.8% during the 1st 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 in the last quarter. Auto Owners Insurance Co grew its position in shares of 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 valued at $354,654,000 after purchasing an additional 1,427,450 shares in the last quarter. Nuveen LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at $293,928,000. Northern Trust Corp grew its position in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after purchasing an additional 508,188 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Illinois Tool Works by 11.3% during the 4th 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 in the last quarter. Institutional investors own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Illinois Tool Works Trading Up 0.3%

ITW stock traded up $0.69 during trading on Wednesday, reaching $266.93. The company had a trading volume of 658,807 shares, compared to its average volume of 1,085,212. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a market cap of $77.81 billion, a P/E ratio of 23.39, a PEG ratio of 5.75 and a beta of 1.09. The business has a 50 day moving average of $256.51 and a 200 day moving average of $250.48. 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 results 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. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $2.54 earnings per share. Illinois Tool Works's 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. As a group, sell-side analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. The ex-dividend date is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Analysts Set New Price Targets

A number of research firms have recently commented on ITW. Stifel Nicolaus boosted their price target 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. Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Citigroup upped their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Barclays upped their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Finally, UBS Group upped their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $260.67.

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.