Praxis Investment Management Inc. Sells 4,170 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Praxis Investment Management Inc. has reduced its stake in Illinois Tool Works Inc. by 18.6%, selling 4,170 shares and ending the quarter with 18,259 shares valued at approximately $4.5 million.
• Illinois Tool Works recently declared a quarterly dividend of $1.61 per share, up from $1.50, indicating a positive trend in the company's financial health.
• Wall Street analysts have mixed views on ITW, with a consensus rating of "Reduce" and a price target of $262.83, reflecting varied investor sentiment.

Praxis Investment Management Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 18.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,259 shares of the industrial products company's stock after selling 4,170 shares during the period. Praxis Investment Management Inc.'s holdings in Illinois Tool Works were worth $4,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank & Trust Co lifted its holdings in Illinois Tool Works by 0.4% during the 2nd quarter. Bank & Trust Co now owns 10,215 shares of the industrial products company's stock worth $2,526,000 after buying an additional 39 shares during the period. TFG Advisers LLC lifted its stake in shares of Illinois Tool Works by 0.5% in the second 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 period. Clearstead Trust LLC lifted its stake in shares of Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock worth $1,180,000 after acquiring an additional 43 shares during the period. Northern Financial Advisors Inc lifted its stake in shares of Illinois Tool Works by 1.9% in the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock worth $582,000 after acquiring an additional 44 shares during the period. Finally, Woodmont Investment Counsel LLC lifted its position in shares of Illinois Tool Works by 2.5% in the 2nd quarter. Woodmont Investment Counsel LLC now owns 1,805 shares of the industrial products company's stock worth $446,000 after purchasing an additional 44 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 0.4%

ITW stock opened at $246.75 on Friday. The stock's 50 day simple moving average is $260.30 and its 200 day simple moving average is $250.86. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The company has a market cap of $71.93 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 5.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly 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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the business earned $2.54 EPS. The firm'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, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were issued a dividend of $1.61 per share. The ex-dividend date was Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works's dividend payout ratio is currently 56.44%.

Insiders Place Their Bets

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction on 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 transaction, the chief accounting officer owned 10,314 shares in the company, 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 is accessible through this hyperlink. Insiders own 0.88% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ITW. Truist Financial boosted their price target on shares of Illinois Tool Works from $283.00 to $298.00 and gave the stock a "hold" rating in a research report on Wednesday, October 8th. Weiss Ratings restated a "buy (b)" rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Barclays boosted their price objective 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. Finally, Citigroup boosted their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $262.83.

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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