Illinois Tool Works Inc. $ITW Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the second quarter, HoldingsChannel.com reports. The fund owned 23,096 shares of the industrial products company’s stock after selling 803 shares during the period. Griffin Asset Management Inc.’s holdings in Illinois Tool Works were worth $5,710,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ITW. Brighton Jones LLC raised its position in Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock worth $1,399,000 after acquiring an additional 277 shares during the period. Bison Wealth LLC raised its position in Illinois Tool Works by 2.3% during the fourth quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company’s stock worth $901,000 after acquiring an additional 81 shares during the period. GAMMA Investing LLC raised its position in Illinois Tool Works by 6.7% during the first quarter. GAMMA Investing LLC now owns 8,329 shares of the industrial products company’s stock worth $2,066,000 after acquiring an additional 526 shares during the period. SG Americas Securities LLC raised its position in Illinois Tool Works by 29.1% during the first quarter. SG Americas Securities LLC now owns 9,411 shares of the industrial products company’s stock worth $2,334,000 after acquiring an additional 2,119 shares during the period. Finally, Azzad Asset Management Inc. ADV acquired a new position in Illinois Tool Works during the first quarter worth $2,472,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 1.4%

Shares of ITW opened at $244.79 on Monday. 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 Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a 50-day moving average price of $261.04 and a 200 day moving average price of $250.93. The firm has a market capitalization of $71.36 billion, a P/E ratio of 21.45, a P/E/G ratio of 5.41 and a beta of 1.10.

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 during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the firm posted $2.54 earnings per share. Illinois Tool Works’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. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.6%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s payout ratio is 56.44%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. UBS Group upped their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $262.83.

Insiders Place Their Bets

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the 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 transaction, the chief accounting officer 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 filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

About Illinois Tool Works

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.