Janney Capital Management LLC Buys New Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Janney Capital Management LLC has acquired a new position in Illinois Tool Works Inc., purchasing 1,421 shares valued at approximately $351,000 during the second quarter.
• Analysts have mixed opinions on ITW, with Barclays and Citigroup raising their target prices, while Truist Financial downgraded the stock from a "buy" to a "hold" rating.
• Illinois Tool Works has announced an increase in its quarterly dividend to $1.61 per share, reflecting its commitment to return value to shareholders.

Janney Capital Management LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,421 shares of the industrial products company's stock, valued at approximately $351,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Illinois Tool Works by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock worth $627,176,000 after buying an additional 11,854 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Illinois Tool Works by 0.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company's stock valued at $513,994,000 after acquiring an additional 13,354 shares in the last quarter. Invesco Ltd. increased its stake in Illinois Tool Works by 4.7% during the 1st quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company's stock valued at $504,683,000 after purchasing an additional 91,359 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Illinois Tool Works by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company's stock worth $435,508,000 after buying an additional 45,316 shares in the last quarter. Finally, Amundi increased its position in shares of Illinois Tool Works by 1.1% during the first quarter. Amundi now owns 1,599,648 shares of the industrial products company's stock valued at $383,828,000 after acquiring an additional 17,119 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

ITW has been the topic of several recent analyst reports. Barclays increased their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Citigroup lifted their price objective 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 target price on Illinois Tool Works and gave the stock an "underperform" rating in a research report on Tuesday, August 19th. Truist Financial downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a report on Thursday, July 31st. Finally, Stifel Nicolaus boosted 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. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Reduce" and an average target price of $260.67.

Insider Activity

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the completion of the transaction, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.1%

Shares of ITW stock opened at $261.08 on Wednesday. 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 Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a market cap of $76.10 billion, a P/E ratio of 22.88, a P/E/G ratio of 5.64 and a beta of 1.10. The company has a 50 day simple moving average of $261.57 and a two-hundred day simple moving average of $250.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm posted $2.54 EPS. The company'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. On average, 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 disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is presently 52.59%.

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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