Sumitomo Mitsui DS Asset Management Company Ltd Has $9.22 Million Stake in Illinois Tool Works Inc. $ITW

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,292 shares of the industrial products company’s stock after selling 467 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Illinois Tool Works were worth $9,220,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Sivia Capital Partners LLC acquired a new position in Illinois Tool Works in the first quarter valued at about $214,000. OneAscent Financial Services LLC raised its stake in Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 341 shares in the last quarter. Modern Wealth Management LLC raised its stake in Illinois Tool Works by 8.3% in the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after purchasing an additional 65 shares in the last quarter. Sowell Financial Services LLC acquired a new position in Illinois Tool Works in the first quarter valued at about $946,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Illinois Tool Works by 12.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company’s stock valued at $10,242,000 after purchasing an additional 4,560 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ITW. 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 research note on Monday, August 4th. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the stock an “underperform” rating in a research note on Tuesday, August 19th. Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price for the company. in a research note on Thursday, July 31st. UBS Group upped their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company upped their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $260.67.

Insider Buying and Selling at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction that occurred 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 $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 Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by insiders.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $263.64 on Friday. The stock has a market capitalization of $76.85 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 5.66 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 stock’s 50 day moving average price is $261.03 and its two-hundred day moving average price is $250.91. 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 posted 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 return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the business earned $2.54 EPS. The company’s revenue for the quarter 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, equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 2.4%. Illinois Tool Works’s payout ratio is currently 52.59%.

About Illinois Tool Works

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.