Illinois Tool Works Inc. $ITW Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 18.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,284 shares of the industrial products company’s stock after selling 281 shares during the quarter. Procyon Advisors LLC’s holdings in Illinois Tool Works were worth $317,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Ameriflex Group Inc. bought a new position in Illinois Tool Works during the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the 1st quarter valued at approximately $26,000. Saudi Central Bank acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at approximately $29,000. 1248 Management LLC bought 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 in the first quarter worth $30,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction dated 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 transaction, the chief accounting officer owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ITW shares. Truist Financial cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Evercore ISI set a $265.00 price objective on shares of Illinois Tool Works and gave the company an “underperform” rating in a research report on Tuesday, August 19th. UBS Group raised 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. Stifel Nicolaus upped their target price on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a report on Thursday, July 31st. Finally, Barclays increased their price target on 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 investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $260.67.

Illinois Tool Works Stock Up 0.4%

NYSE ITW opened at $263.64 on Friday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a market capitalization of $76.85 billion, a P/E ratio of 23.11, a PEG ratio of 5.66 and a beta of 1.10. The company’s 50 day simple moving average is $261.03 and its 200 day simple moving average is $250.91. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. 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. Equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.59%.

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.