Pacific Heights Asset Management LLC Buys 28,000 Shares of Illinois Tool Works Inc. $ITW

Pacific Heights Asset Management LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 44.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,000 shares of the industrial products company’s stock after acquiring an additional 28,000 shares during the period. Illinois Tool Works accounts for approximately 1.2% of Pacific Heights Asset Management LLC’s holdings, making the stock its 16th largest position. Pacific Heights Asset Management LLC’s holdings in Illinois Tool Works were worth $22,500,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the 2nd quarter valued at about $25,000. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $26,000. SOA Wealth Advisors LLC. lifted its stake in 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 purchasing an additional 50 shares during the last quarter. Saudi Central Bank acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $29,000. Finally, 1248 Management LLC acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $30,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ITW. Citigroup raised their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an “underperform” rating in a research note on Tuesday, August 19th. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. Truist Financial raised their price objective on shares of Illinois Tool Works from $283.00 to $298.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Finally, Barclays raised their price objective on shares of 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. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $262.83.

Illinois Tool Works Stock Up 1.9%

Shares of ITW opened at $257.17 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm’s 50 day moving average is $260.00 and its 200-day moving average is $251.17. The stock has a market capitalization of $74.96 billion, a PE ratio of 22.54, a P/E/G ratio of 5.58 and a beta of 1.10. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate 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 company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period last year, the firm earned $2.54 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities research analysts forecast 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. Stockholders of record on Tuesday, September 30th were issued a dividend of $1.61 per share. This is a boost 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%. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s payout ratio is 56.44%.

Insider Transactions at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction that occurred 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 directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.

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.