Illinois Tool Works Inc. $ITW Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. reduced its stake in Illinois Tool Works by 9.0%, owning 40,043 shares worth approximately $9.93 million after selling 3,952 shares in the first quarter.
• Illinois Tool Works reported a Q2 EPS of $2.58, slightly surpassing estimates, with revenue of $4.05 billion, indicating a 0.6% year-over-year growth.
• The company announced an increase in its quarterly dividend from $1.50 to $1.61 per share, representing an annual yield of 2.5%.

Candriam S.C.A. cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,043 shares of the industrial products company's stock after selling 3,952 shares during the period. Candriam S.C.A.'s holdings in Illinois Tool Works were worth $9,931,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Brighton Jones LLC boosted its position in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after buying an additional 277 shares during the period. Jump Financial LLC lifted its position in Illinois Tool Works by 132.2% in the fourth quarter. Jump Financial LLC now owns 2,006 shares of the industrial products company's stock worth $509,000 after purchasing an additional 1,142 shares during the period. Burling Wealth Partners LLC acquired a new stake in Illinois Tool Works in the fourth quarter worth approximately $6,013,000. Integrated Wealth Concepts LLC lifted its position in Illinois Tool Works by 4.5% in the fourth quarter. Integrated Wealth Concepts LLC now owns 10,372 shares of the industrial products company's stock worth $2,630,000 after purchasing an additional 450 shares during the period. Finally, Coldstream Capital Management Inc. lifted its position in Illinois Tool Works by 5.7% in 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 period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

NYSE ITW opened at $261.0520 on Friday. The stock has a market capitalization of $76.10 billion, a P/E ratio of 22.88, a P/E/G ratio of 5.65 and a beta of 1.09. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The business's fifty day moving average is $254.99 and its two-hundred day moving average is $250.25. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly 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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The company had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the prior year, the company earned $2.54 earnings per share. The firm'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. On average, research 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 announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.59%.

Insider Transactions at Illinois Tool Works

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

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the stock an "underperform" rating in a research report on Tuesday. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research report on Wednesday, May 7th. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research report on Thursday, July 31st. Stifel Nicolaus upped their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Finally, Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.