Illinois Tool Works Inc. $ITW Stock Position Trimmed by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Illinois Tool Works by 5.4%, owning approximately 202,939 shares valued at $50.18 million as of the latest SEC filing.
• Illinois Tool Works has recently increased its quarterly dividend to $1.61 per share, representing an annualized yield of 2.5% and an increase from the previous dividend of $1.50.
• The stock has a consensus rating of "Reduce" from analysts, with an average price target of $260.67, reflecting cautious outlooks from several financial institutions.

Janney Montgomery Scott LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 202,939 shares of the industrial products company's stock after selling 11,658 shares during the period. Janney Montgomery Scott LLC owned approximately 0.07% of Illinois Tool Works worth $50,177,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ITW. von Borstel & Associates Inc. bought a new position in Illinois Tool Works in the 1st quarter worth approximately $26,000. Saudi Central Bank acquired a new position in Illinois Tool Works during the 1st quarter worth $29,000. 1248 Management LLC bought a new position in shares of Illinois Tool Works in the first quarter worth $30,000. Banque Transatlantique SA acquired a new position in shares of Illinois Tool Works during the first quarter valued at $30,000. Finally, Nova Wealth Management Inc. bought a new stake in shares of Illinois Tool Works during the first quarter valued at about $36,000. Institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

ITW has been the topic of several research analyst reports. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an "underperform" rating in a research note on Tuesday, August 19th. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Wells Fargo & Company increased their price target on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Citigroup lifted their price target 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. Finally, Barclays upped their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Trading Down 0.1%

Shares of NYSE ITW opened at $261.08 on Wednesday. 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 Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a market cap of $76.10 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 5.64 and a beta of 1.10. The business has a fifty day simple moving average of $261.57 and a 200-day simple moving average of $250.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the company earned $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 predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed 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. This represents a $6.44 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is presently 52.59%.

Insider Transactions at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction on Thursday, September 11th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.