Concord Asset Management LLC VA Buys 242 Shares of Illinois Tool Works Inc. $ITW

Concord Asset Management LLC VA lifted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 7.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,529 shares of the industrial products company’s stock after acquiring an additional 242 shares during the quarter. Concord Asset Management LLC VA’s holdings in Illinois Tool Works were worth $872,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $26,000. SOA Wealth Advisors LLC. boosted its holdings 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 worth $26,000 after acquiring an additional 50 shares in the last quarter. Saudi Central Bank acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $29,000. 1248 Management LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $30,000. Finally, Banque Transatlantique SA acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $30,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $244.79 on Monday. The firm has a fifty day moving average of $261.04 and a two-hundred day moving average of $250.93. The stock has a market capitalization of $71.36 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 5.41 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

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

Insider Activity at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company’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 completion of the sale, the chief accounting officer owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ITW shares. Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Barclays upped their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. UBS Group upped their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Finally, Stifel Nicolaus upped their price objective 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 issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $262.83.

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.