Seamount Financial Group Inc. Boosts Stake in Illinois Tool Works Inc. $ITW

Seamount Financial Group Inc. grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,488 shares of the industrial products company’s stock after acquiring an additional 114 shares during the period. Seamount Financial Group Inc.’s holdings in Illinois Tool Works were worth $862,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works during the first quarter valued at approximately $26,000. SOA Wealth Advisors LLC. raised its stake in shares of Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Saudi Central Bank acquired a new position in shares of Illinois Tool Works during the 1st quarter valued at $29,000. 1248 Management LLC purchased a new stake in Illinois Tool Works during the 1st quarter worth $30,000. Finally, Banque Transatlantique SA acquired a new stake in Illinois Tool Works in the 1st quarter valued at $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ITW shares. Deutsche Bank Aktiengesellschaft upped their target price on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Illinois Tool Works in a research report on Saturday, September 27th. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the stock an “underperform” rating in a research report on Tuesday, August 19th. Finally, Truist Financial lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price target for the company. in a report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $261.58.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $258.76 on Tuesday. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The stock has a market cap of $75.43 billion, a P/E ratio of 22.68, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10. The stock has a 50 day moving average of $261.41 and a 200-day moving average of $251.05.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $2.54 earnings per share. The business’s revenue 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 expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. The ex-dividend date of this dividend is Tuesday, September 30th. 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 2.5%. Illinois Tool Works’s dividend payout ratio is 56.44%.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the business’s 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 completion of the sale, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company 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.