Illinois Tool Works Inc. $ITW Shares Sold by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB sold 1,608 shares of Illinois Tool Works Inc., reducing its holdings by 12.3%, valuing its remaining shares at approximately $2,838,000.
• Insider selling was noted as CAO Randall J. Scheuneman sold 6,802 shares for over $1.8 million, representing a 39.74% decrease in ownership.
• The company announced a quarterly dividend increase to $1.61 per share, with an annualized yield of 2.4%, signaling ongoing financial health.

E. Ohman J or Asset Management AB lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 12.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,477 shares of the industrial products company's stock after selling 1,608 shares during the period. E. Ohman J or Asset Management AB's holdings in Illinois Tool Works were worth $2,838,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its position in Illinois Tool Works by 5.3% in the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after purchasing an additional 277 shares in the last quarter. Bison Wealth LLC raised its holdings in Illinois Tool Works by 2.3% in the fourth quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company's stock valued at $901,000 after acquiring an additional 81 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Illinois Tool Works by 82.7% in the fourth quarter. Lazard Asset Management LLC now owns 2,339 shares of the industrial products company's stock worth $593,000 after acquiring an additional 1,059 shares during the last quarter. Man Group plc grew its holdings in Illinois Tool Works by 45.1% during the 4th quarter. Man Group plc now owns 35,376 shares of the industrial products company's stock worth $8,970,000 after acquiring an additional 10,999 shares in the last quarter. Finally, Toronto Dominion Bank increased its position in shares of Illinois Tool Works by 7.4% in the 4th quarter. Toronto Dominion Bank now owns 130,387 shares of the industrial products company's stock valued at $33,061,000 after purchasing an additional 8,975 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. UBS Group increased 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 note on Thursday, July 31st. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an "underperform" rating in a research report on Tuesday, August 19th. Finally, Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $263.91 on Tuesday. The company has a market cap of $76.93 billion, a P/E ratio of 23.13, a P/E/G ratio of 5.68 and a beta of 1.10. The business has a fifty day simple moving average of $260.87 and a 200-day simple moving average of $250.74. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion for 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%. Illinois Tool Works's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business earned $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase 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 presently 52.59%.

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.

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