DAVENPORT & Co LLC Has $7.15 Million Holdings in Illinois Tool Works Inc. $ITW

DAVENPORT & Co LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,903 shares of the industrial products company’s stock after purchasing an additional 477 shares during the period. DAVENPORT & Co LLC’s holdings in Illinois Tool Works were worth $7,147,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. von Borstel & Associates Inc. acquired a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $26,000. SOA Wealth Advisors LLC. increased its holdings in Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after buying an additional 50 shares during the last quarter. Saudi Central Bank acquired a new position in Illinois Tool Works during the first quarter worth $29,000. 1248 Management LLC acquired a new position in Illinois Tool Works during the first quarter worth $30,000. Finally, Banque Transatlantique SA acquired a new position in Illinois Tool Works during the first quarter worth $30,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ITW. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Barclays boosted their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Truist Financial cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price objective for the company. in a research report on Thursday, July 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Illinois Tool Works in a research report on Saturday, September 27th. Finally, Citigroup lifted 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. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $261.58.

Illinois Tool Works Trading Down 1.2%

Shares of Illinois Tool Works stock opened at $255.73 on Wednesday. The firm has a 50-day moving average of $261.34 and a 200-day moving average of $251.08. The stock has a market cap of $74.54 billion, a PE ratio of 22.41, a PEG ratio of 5.72 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-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.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given 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 dividend yield of 2.5%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 56.44%.

Insider Activity

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief accounting officer owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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.