NewEdge Wealth LLC Invests $2.23 Million in Illinois Tool Works Inc. $ITW

Key Points

• NewEdge Wealth purchased 8,236 shares of Illinois Tool Works in the second quarter, valued at approximately $2.23 million. Institutional investors and hedge funds collectively own 79.77% of ITW.
• ITW exceeded quarterly earnings and revenue expectations, reporting $2.84 in EPS and $4.30 billion in revenue, while revenue rose 6.1% year over year. The company also increased its quarterly dividend to $1.72 per share, representing a 2.4% yield.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $281.25, close to the stock’s reported opening price of $282.49.

NewEdge Wealth LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,236 shares of the industrial products company's stock, valued at approximately $2,228,000.

A number of other large investors have also recently bought and sold shares of ITW. Flossbach Von Storch SE bought a new position in Illinois Tool Works in the 2nd quarter valued at about $21,711,000. Sound Financial Strategies Group LLC bought a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $277,000. Great Lakes Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $336,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $41,000. Finally, Danske Bank A S bought a new position in Illinois Tool Works in the second quarter valued at approximately $42,723,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total transaction of $80,113.94. Following the transaction, the chief accounting officer owned 3,394 shares in the company, valued at approximately $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jennifer F. Scanlon acquired 806 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, June 2nd. The stock was acquired at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the purchase, the director owned 1,652 shares of the company's stock, valued at $409,679.48. The trade was a 95.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.83% of the stock is owned by company insiders.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $282.49 on Friday. The company's 50 day moving average price is $277.50 and its two-hundred day moving average price is $271.42. The firm has a market capitalization of $80.45 billion, a P/E ratio of 25.61, a P/E/G ratio of 4.80 and a beta of 0.99. Illinois Tool Works Inc. has a fifty-two week low of $238.82 and a fifty-two week high of $303.15. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.11 and a quick ratio of 0.81.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.19 billion. During the same period in the prior year, the company earned $2.58 EPS. Illinois Tool Works's revenue was up 6.1% compared to the same quarter last year. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post 11.45 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.61. The ex-dividend date is Wednesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 58.39%.

Wall Street Analyst Weigh In

ITW has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $310.00 to $350.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Wolfe Research reissued an "underperform" rating and set a $286.00 price target on shares of Illinois Tool Works in a report on Thursday, July 9th. Truist Financial upped their price objective on Illinois Tool Works from $280.00 to $301.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. UBS Group reaffirmed a "neutral" rating and issued a $300.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, July 29th. Finally, Robert W. Baird lifted their target price on Illinois Tool Works from $278.00 to $297.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Reduce" and a consensus price target of $281.25.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.

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