Turtle Creek Wealth Advisors LLC Buys Shares of 1,209 Illinois Tool Works Inc. $ITW

Key Points

• Turtle Creek Wealth Advisors LLC acquired 1,209 shares of Illinois Tool Works Inc., valued at approximately $299,000, during the 2nd quarter of the year.
• The company recently increased its quarterly dividend from $1.50 to $1.61, representing an annualized yield of 2.6%.
• Analyst ratings indicate a consensus of two buy ratings, eight holds, and three sell ratings for the stock, with a consensus price target of $262.83.

Turtle Creek Wealth Advisors LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,209 shares of the industrial products company's stock, valued at approximately $299,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Auto Owners Insurance Co raised its stake in shares of Illinois Tool Works by 55,978.4% in the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock valued at $354,654,000 after acquiring an additional 1,427,450 shares during the period. Nuveen LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter worth approximately $293,928,000. JPMorgan Chase & Co. boosted its position in shares of Illinois Tool Works by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company's stock worth $313,734,000 after purchasing an additional 160,009 shares during the period. Citigroup Inc. boosted its position in shares of Illinois Tool Works by 50.5% during the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company's stock worth $92,020,000 after purchasing an additional 124,443 shares during the period. Finally, Aberdeen Group plc boosted its position in shares of Illinois Tool Works by 118.7% during the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company's stock worth $54,789,000 after purchasing an additional 121,141 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of a number of research analyst reports. Citigroup increased their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Illinois Tool Works from $265.00 to $268.00 and gave the company a "hold" rating in a research note on Thursday, October 2nd. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. Finally, Barclays raised their price objective on shares of 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. 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 stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Reduce" and a consensus price target of $262.83.

Illinois Tool Works Stock Down 0.4%

Shares of Illinois Tool Works stock opened at $246.75 on Friday. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a 50 day moving average of $260.30 and a 200 day moving average of $250.86. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The company has a market capitalization of $71.93 billion, a P/E ratio of 21.63, a P/E/G ratio of 5.48 and a beta of 1.10.

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

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a $1.61 dividend. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, September 30th. Illinois Tool Works's payout ratio is presently 56.44%.

Insider Transactions at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the transaction, the chief accounting officer owned 10,314 shares in the company, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.