Gries Financial LLC Sells 52,476 Shares of Illinois Tool Works Inc. $ITW

Gries Financial LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 79.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,527 shares of the industrial products company’s stock after selling 52,476 shares during the period. Illinois Tool Works makes up 0.6% of Gries Financial LLC’s portfolio, making the stock its 29th biggest holding. Gries Financial LLC’s holdings in Illinois Tool Works were worth $3,345,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $26,000. Saudi Central Bank bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $29,000. 1248 Management LLC bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $30,000. Finally, Banque Transatlantique SA bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $30,000. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the stock an “underperform” rating in a research report on Tuesday, August 19th. Truist Financial lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price target for the company. in a research report on Thursday, July 31st. Citigroup increased their price target 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. Finally, Barclays increased their price target on shares of 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. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $260.67.

Insider Buying and Selling at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $261.07 on Tuesday. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a market cap of $76.10 billion, a PE ratio of 22.88, a PEG ratio of 5.65 and a beta of 1.10. 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 firm’s 50 day moving average price is $261.15 and its two-hundred day moving average price is $250.69.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $2.54 earnings per share. The business’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. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS 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 paid a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This is a boost 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 2.5%. Illinois Tool Works’s payout ratio 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.