HB Wealth Management LLC Sells 5,554 Shares of Illinois Tool Works Inc. $ITW

HB Wealth Management LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 22.8% during the second quarter, HoldingsChannel.com reports. The fund owned 18,829 shares of the industrial products company’s stock after selling 5,554 shares during the quarter. HB Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,655,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works in the 1st quarter worth approximately $26,000. Saudi Central Bank bought a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $29,000. 1248 Management LLC bought a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $30,000. Banque Transatlantique SA bought a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $30,000. Finally, Nova Wealth Management Inc. bought a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $36,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $261.08 on Wednesday. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The stock has a market capitalization of $76.10 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 5.64 and a beta of 1.10. The stock has a fifty day simple moving average of $261.57 and a two-hundred day simple moving average of $250.92. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the business earned $2.54 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.59%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays boosted their target price 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. UBS Group boosted 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. Citigroup boosted their target price 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. Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price on the stock. in a research report on Thursday, July 31st. Finally, Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $260.67.

Insider Buying and Selling at Illinois Tool Works

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 stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

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.