State of Wyoming Trims Stake in Illinois Tool Works Inc. $ITW

Key Points

• The State of Wyoming reduced its stake in Illinois Tool Works by 62.8% in the 1st quarter, now holding 991 shares valued at $246,000.
• Analysts have varied outlooks on Illinois Tool Works, with some increasing their price targets while others issued "underperform" ratings, leading to a consensus rating of "Reduce" and an average target price of $260.67.
• Illinois Tool Works recently announced an increase in its quarterly dividend to $1.61 per share, representing an annualized payout of $6.44 and a dividend yield of 2.5%.

State of Wyoming reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 62.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 991 shares of the industrial products company's stock after selling 1,673 shares during the quarter. State of Wyoming's holdings in Illinois Tool Works were worth $246,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sivia Capital Partners LLC bought a new stake in Illinois Tool Works during the 1st quarter valued at $214,000. OneAscent Financial Services LLC boosted its position in Illinois Tool Works by 25.8% during the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after acquiring an additional 341 shares in the last quarter. EP Wealth Advisors LLC boosted its position in Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after acquiring an additional 1,698 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Illinois Tool Works during the 1st quarter valued at $946,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Illinois Tool Works by 12.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after acquiring an additional 4,560 shares in the last quarter. Institutional investors own 79.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on ITW shares. UBS Group increased their target price 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. Barclays raised their price objective on 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. Citigroup raised their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company raised their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $260.67.

Illinois Tool Works Stock Performance

Shares of ITW opened at $260.97 on Thursday. The stock has a 50-day moving average of $259.04 and a two-hundred day moving average of $250.79. Illinois Tool Works Inc. has a one year low of $214.66 and a one year 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 stock has a market cap of $76.07 billion, a P/E ratio of 22.87, a P/E/G ratio of 5.71 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. The business 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%.The company's revenue was up .6% on a year-over-year basis. During the same quarter last 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, research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 30th. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio (DPR) is 52.59%.

Illinois Tool Works Company 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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