Merit Financial Group LLC Increases Stock Position in Illinois Tool Works Inc. $ITW

Key Points

• Merit Financial Group LLC increased its stake in Illinois Tool Works Inc. by 248.2% during the second quarter, owning 32,675 shares valued at approximately $8.08 million by the end of the period.
• Illinois Tool Works recently declared a quarterly dividend of $1.61, presenting a yield of 2.5%, up from the previous dividend of $1.50.
• The stock has a market cap of $75.85 billion and a consensus price target of $261.58, with most analysts rating it as a "Hold".

Merit Financial Group LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 248.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,675 shares of the industrial products company's stock after buying an additional 23,291 shares during the period. Merit Financial Group LLC's holdings in Illinois Tool Works were worth $8,079,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at about $26,000. SOA Wealth Advisors LLC. grew its position in Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company's stock worth $26,000 after buying an additional 50 shares during the period. Saudi Central Bank purchased a new position in Illinois Tool Works in the first quarter valued at about $29,000. 1248 Management LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at approximately $30,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Buying and Selling

In other 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 transaction, the chief accounting officer owned 10,314 shares of the company's stock, valued at $2,734,035.12. This represents a 39.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $260.19 on Monday. 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 firm has a market cap of $75.85 billion, a PE ratio of 22.80, a P/E/G ratio of 5.75 and a beta of 1.10. The firm has a 50 day simple moving average of $261.43 and a 200-day simple moving average of $250.99. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released 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. 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 analysts' expectations of $4.01 billion. During the same period in the previous year, the company earned $2.54 EPS. Illinois Tool Works's revenue for the quarter was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current 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 $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. 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. Illinois Tool Works's dividend payout ratio is 56.44%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. UBS Group raised their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft raised their price target on Illinois Tool Works from $265.00 to $268.00 and gave the company a "hold" rating in a research report on Thursday. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a research report on Thursday, July 31st. Citigroup raised their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Barclays upped their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of "Reduce" and a consensus price target of $261.58.

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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