Illinois Tool Works Inc. $ITW Stock Position Reduced by Erste Asset Management GmbH

Key Points

• Erste Asset Management GmbH reduced its stake in Illinois Tool Works Inc. by 17.6%, owning 4,657 shares worth approximately $1,148,000 after selling 992 shares.
• The company has announced an increase in its quarterly dividend from $1.50 to $1.61, with a dividend yield of 2.5% and an annualized payout of $6.44.
• Illinois Tool Works reported $2.58 EPS for the latest quarter, beating analysts' estimates and indicating a yearly revenue increase of 0.6% compared to the same quarter last year.

Erste Asset Management GmbH cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 17.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,657 shares of the industrial products company's stock after selling 992 shares during the period. Erste Asset Management GmbH's holdings in Illinois Tool Works were worth $1,148,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. Ameriflex Group Inc. purchased a new position in Illinois Tool Works during the fourth quarter valued at approximately $26,000. von Borstel & Associates Inc. purchased a new position in Illinois Tool Works during the first quarter valued at approximately $26,000. Park Square Financial Group LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $35,000. Olde Wealth Management LLC acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $49,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Illinois Tool Works by 167.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 211 shares of the industrial products company's stock valued at $52,000 after acquiring an additional 132 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.88% of the company's stock.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Citigroup lifted their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Stifel Nicolaus lifted 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. Bank of America cut shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company lifted 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $260.67.

Illinois Tool Works Trading Down 0.4%

NYSE:ITW opened at $261.0520 on Friday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm has a market cap of $76.10 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 5.65 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company's 50 day moving average is $254.99 and its 200-day moving average is $250.25.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS 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%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a $1.61 dividend. The ex-dividend date 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 dividend yield of 2.5%. Illinois Tool Works's dividend payout ratio is 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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