Illinois Tool Works Inc. $ITW Shares Sold by Gries Financial LLC

Key Points

• Gries Financial LLC significantly reduced its stake in Illinois Tool Works Inc. by 79.5%, selling 52,476 shares and holding only 13,527 shares, which are valued at approximately $3.35 million.
• Illinois Tool Works announced a quarterly dividend increase to $1.61 per share, up from $1.50, representing a 2.5% yield.
• For the second quarter, Illinois Tool Works reported an earnings per share (EPS) of $2.58, exceeding the consensus estimate of $2.56, with revenues of $4.05 billion.

Gries Financial LLC trimmed its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 79.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,527 shares of the industrial products company's stock after selling 52,476 shares during the period. Illinois Tool Works makes up about 0.6% of Gries Financial LLC's portfolio, making the stock its 29th largest holding. Gries Financial LLC's holdings in Illinois Tool Works were worth $3,345,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Lederer & Associates Investment Counsel CA acquired a new stake in Illinois Tool Works in the second quarter worth approximately $1,094,000. AdvisorNet Financial Inc lifted its position in Illinois Tool Works by 15.9% in the second quarter. AdvisorNet Financial Inc now owns 1,193 shares of the industrial products company's stock worth $295,000 after purchasing an additional 164 shares during the period. Foster Group Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at $214,000. Maryland Capital Advisors Inc. lifted its position in shares of Illinois Tool Works by 60.0% during the 2nd quarter. Maryland Capital Advisors Inc. now owns 1,440 shares of the industrial products company's stock valued at $356,000 after acquiring an additional 540 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. lifted its position in shares of Illinois Tool Works by 0.5% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 37,390 shares of the industrial products company's stock valued at $9,245,000 after acquiring an additional 170 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.3%

Illinois Tool Works stock opened at $261.07 on Tuesday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The company has a market capitalization of $76.10 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 5.65 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company's fifty day moving average price is $261.15 and its two-hundred day moving average price is $250.69.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for 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 business's quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders 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 a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were 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 represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a research report on Thursday, July 31st. Barclays increased their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Citigroup increased their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. One investment 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $260.67.

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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