Parallel Advisors LLC Sells 1,657 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Parallel Advisors LLC reduced its stake in Illinois Tool Works Inc. by 5.7%, selling 1,657 shares, and now holds a total of 27,638 shares valued at approximately $6.83 million.
• Illinois Tool Works has increased its quarterly dividend from $1.50 to $1.61, representing an annualized yield of 2.4% and a payout ratio of 52.59%.
• The company reported earnings of $2.58 per share for the last quarter, exceeding analysts' estimates, and revealed guidance for FY 2025 earnings of 10.350-10.550 EPS.

Parallel Advisors LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,638 shares of the industrial products company's stock after selling 1,657 shares during the quarter. Parallel Advisors LLC's holdings in Illinois Tool Works were worth $6,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ameriflex Group Inc. bought a new position in Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. bought a new position in Illinois Tool Works in the 1st quarter worth about $26,000. Saudi Central Bank bought a new position in Illinois Tool Works in the 1st quarter worth about $29,000. 1248 Management LLC bought a new position in Illinois Tool Works in the 1st quarter worth about $30,000. Finally, Banque Transatlantique SA bought a new position in Illinois Tool Works in the 1st quarter worth about $30,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Trading Down 1.1%

Shares of ITW stock opened at $263.41 on Monday. The stock has a market capitalization of $76.78 billion, a PE ratio of 23.09, a P/E/G ratio of 5.68 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The business has a 50-day moving average of $260.68 and a 200 day moving average of $250.74. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $1.61 dividend. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a yield of 2.4%. Illinois Tool Works's dividend payout ratio (DPR) is 52.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ITW shares. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Stifel Nicolaus upped their target price 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 increased their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Citigroup increased their price objective 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 increased their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of "Reduce" and a consensus price target of $260.67.

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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