Goldman Sachs Group Inc. Cuts Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Goldman Sachs Group Inc. reduced its holdings in Illinois Tool Works by 2.9%, now owning approximately 3.34 million shares worth $828.7 million.
• Illinois Tool Works reported earnings of $2.58 EPS for the last quarter, slightly beating analyst expectations of $2.56, while revenue was up 0.6% year-over-year.
• The company recently declared a quarterly dividend of $1.61, increasing from the previous $1.50, resulting in an annualized yield of 2.4%.

Goldman Sachs Group Inc. lowered its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,341,592 shares of the industrial products company's stock after selling 100,420 shares during the period. Goldman Sachs Group Inc. owned approximately 1.14% of Illinois Tool Works worth $828,748,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ITW. Brighton Jones LLC grew its holdings in shares of 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 worth $1,399,000 after acquiring an additional 277 shares during the period. Bison Wealth LLC grew its holdings in shares of Illinois Tool Works by 2.3% in the 4th quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company's stock worth $901,000 after acquiring an additional 81 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Illinois Tool Works by 40.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,908 shares of the industrial products company's stock worth $1,244,000 after acquiring an additional 1,407 shares during the period. Focus Partners Wealth grew its holdings in Illinois Tool Works by 29.5% during the 4th quarter. Focus Partners Wealth now owns 54,694 shares of the industrial products company's stock valued at $14,353,000 after buying an additional 12,454 shares during the last quarter. Finally, Guardian Wealth Advisors LLC NC purchased a new position in Illinois Tool Works during the fourth quarter worth $203,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the stock an "underperform" rating in a research report on Tuesday, August 19th. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. UBS Group lifted their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, Barclays lifted their price objective on 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. One investment 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. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Trading Down 1.1%

Shares of Illinois Tool Works stock traded down $2.96 during trading hours on Friday, reaching $263.41. 668,436 shares of the company's stock were exchanged, compared to its average volume of 818,000. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The firm has a market capitalization of $76.78 billion, a price-to-earnings ratio of 23.09, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10. The company has a fifty day moving average of $260.68 and a 200-day moving average of $250.81. 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 issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $4.01 billion. During the same quarter in the prior year, the company posted $2.54 EPS. The business's revenue for the quarter was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is currently 56.44%.

Illinois Tool Works Company 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.