Schmidt P J Investment Management Inc. Sells 646 Shares of Illinois Tool Works Inc. $ITW

Schmidt P J Investment Management Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,375 shares of the industrial products company’s stock after selling 646 shares during the quarter. Schmidt P J Investment Management Inc.’s holdings in Illinois Tool Works were worth $4,296,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 5.5% in the second quarter. Envestnet Asset Management Inc. now owns 704,475 shares of the industrial products company’s stock worth $174,181,000 after buying an additional 36,685 shares during the last quarter. Wealthfront Advisers LLC boosted its holdings in shares of Illinois Tool Works by 5.0% in the second quarter. Wealthfront Advisers LLC now owns 38,829 shares of the industrial products company’s stock worth $9,600,000 after buying an additional 1,859 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 26.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,553 shares of the industrial products company’s stock worth $1,620,000 after buying an additional 1,385 shares during the last quarter. Ballast Advisors LLC boosted its holdings in shares of Illinois Tool Works by 5.8% in the second quarter. Ballast Advisors LLC now owns 4,820 shares of the industrial products company’s stock worth $1,192,000 after buying an additional 264 shares during the last quarter. Finally, Brighton Jones LLC boosted its holdings in shares of Illinois Tool Works by 1.8% in the second quarter. Brighton Jones LLC now owns 5,585 shares of the industrial products company’s stock worth $1,381,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock opened at $245.91 on Monday. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company’s fifty day moving average price is $259.36 and its 200-day moving average price is $251.98. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market capitalization of $71.68 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 5.42 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the previous year, the firm earned $3.91 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were issued a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend 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 presently 62.46%.

Analyst Ratings Changes

A number of research firms recently issued reports on ITW. Citigroup raised their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft raised their price objective 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. Truist Financial lifted their price target on shares of Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Barclays lifted their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Finally, Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a report on Thursday, July 31st. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Reduce” and an average price target of $262.83.

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.