Mirae Asset Global Investments Co. Ltd. Raises Position in Illinois Tool Works Inc. $ITW

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Illinois Tool Works Inc. by 7.0%, holding 44,477 shares valued at approximately $10.99 million.
• Illinois Tool Works recently announced a quarterly dividend of $1.61, increasing from the previous $1.50, with a yield of 2.5%.
• The company's stock has been positively reviewed by analysts, with a mix of ratings, including several upgrades and a consensus target price of approximately $261.58.

Mirae Asset Global Investments Co. Ltd. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 7.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,477 shares of the industrial products company's stock after purchasing an additional 2,920 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Illinois Tool Works were worth $10,997,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ITW. Tower View Wealth Management LLC boosted its stake in Illinois Tool Works by 246.8% during the second quarter. Tower View Wealth Management LLC now owns 763 shares of the industrial products company's stock worth $189,000 after buying an additional 543 shares during the period. TFG Advisers LLC lifted its holdings in shares of Illinois Tool Works by 0.5% in the 2nd quarter. TFG Advisers LLC now owns 8,461 shares of the industrial products company's stock worth $2,092,000 after acquiring an additional 42 shares during the last quarter. ASR Vermogensbeheer N.V. grew its holdings in Illinois Tool Works by 3.2% during the 2nd quarter. ASR Vermogensbeheer N.V. now owns 53,596 shares of the industrial products company's stock valued at $13,251,000 after purchasing an additional 1,682 shares during the last quarter. McGuire Investment Group LLC raised its position in Illinois Tool Works by 0.9% in the 2nd quarter. McGuire Investment Group LLC now owns 43,646 shares of the industrial products company's stock worth $10,791,000 after purchasing an additional 397 shares during the period. Finally, RKL Wealth Management LLC lifted its stake in Illinois Tool Works by 3.5% in the second quarter. RKL Wealth Management LLC now owns 7,747 shares of the industrial products company's stock worth $1,915,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $260.19 on Monday. The company 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's 50 day moving average price is $261.43 and its 200-day moving average price is $250.99. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.Illinois Tool Works's revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 2.5%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's payout ratio is presently 56.44%.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. Stifel Nicolaus raised their price target on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. UBS Group boosted their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. 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 research note on Thursday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of Illinois Tool Works in a research report on Saturday, September 27th. Finally, Barclays raised their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of "Reduce" and an average price target of $261.58.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the 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 of the company's stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company's stock.

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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