Robertson Stephens Wealth Management LLC Increases Position in Illinois Tool Works Inc. $ITW

Robertson Stephens Wealth Management LLC raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,492 shares of the industrial products company’s stock after purchasing an additional 149 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Illinois Tool Works were worth $620,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ITW. Auto Owners Insurance Co boosted its position in shares of Illinois Tool Works by 55,978.4% during the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock valued at $354,654,000 after buying an additional 1,427,450 shares during the period. Nuveen LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $293,928,000. JPMorgan Chase & Co. boosted its holdings in shares of Illinois Tool Works by 14.5% in the first quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock valued at $313,734,000 after purchasing an additional 160,009 shares during the period. Citigroup Inc. boosted its holdings in shares of Illinois Tool Works by 50.5% in the first quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock valued at $92,020,000 after purchasing an additional 124,443 shares during the period. Finally, Aberdeen Group plc boosted its holdings in shares of Illinois Tool Works by 118.7% in the first quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock valued at $54,789,000 after purchasing an additional 121,141 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Barclays boosted their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. Finally, Stifel Nicolaus upped their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $262.83.

Illinois Tool Works Stock Down 1.4%

Illinois Tool Works stock opened at $244.79 on Friday. The business has a fifty day moving average of $261.04 and a two-hundred day moving average of $250.93. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The firm has a market cap 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 Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.Illinois Tool Works’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a dividend of $1.61 per share. The ex-dividend date of this dividend was 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 2.6%. Illinois Tool Works’s payout ratio is currently 56.44%.

Insider Activity

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the transaction, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.