Illinois Tool Works Inc. $ITW Shares Sold by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in Illinois Tool Works by 25.8%, selling 4,079 shares during the second quarter, leaving them with 11,724 shares valued at approximately $2.9 million.
• Illinois Tool Works recently announced an increase in its quarterly dividend from $1.50 to $1.61, yielding 2.6% annually, with a payout ratio of 56.44%.
• The company reported a year-over-year revenue growth of 0.6% in its latest earnings release, with earnings per share for the quarter at $2.58, slightly exceeding analyst expectations.

Envestnet Portfolio Solutions Inc. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 25.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,724 shares of the industrial products company's stock after selling 4,079 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Illinois Tool Works were worth $2,899,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. 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 buying an additional 1,427,450 shares during the last quarter. Nuveen LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $293,928,000. JPMorgan Chase & Co. grew its position in shares of Illinois Tool Works by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company's stock valued at $313,734,000 after buying an additional 160,009 shares during the last quarter. Citigroup Inc. grew its position in Illinois Tool Works by 50.5% in the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company's stock worth $92,020,000 after purchasing an additional 124,443 shares during the last quarter. Finally, Aberdeen Group plc grew its position in Illinois Tool Works by 118.7% in the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company's stock worth $54,789,000 after purchasing an additional 121,141 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Down 0.4%

Shares of NYSE:ITW opened at $246.75 on Friday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The company has a market cap of $71.93 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 5.48 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The firm has a 50 day simple moving average of $260.30 and a 200 day simple moving average of $250.86.

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

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were given a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was 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 currently 56.44%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ITW shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a "hold" rating in a research report on Thursday, October 2nd. 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. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Wells Fargo & Company increased their price objective 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. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $262.83.

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.

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