Illinois Tool Works Inc. $ITW Shares Purchased by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.5% in the second quarter, Holdings Channel.com reports. The fund owned 20,065 shares of the industrial products company’s stock after buying an additional 291 shares during the quarter. Illinois Tool Works makes up 1.5% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 15th largest position. Palumbo Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,961,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter worth about $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $26,000. Saudi Central Bank acquired a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $29,000. 1248 Management LLC purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $30,000. Finally, Banque Transatlantique SA acquired a new position in Illinois Tool Works during the first quarter worth $30,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $259.61 on Thursday. The company has a 50-day simple moving average of $261.30 and a 200-day simple moving average of $250.82. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The company has a market cap of $75.68 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 5.63 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its 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. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works’s revenue was up .6% compared to the same quarter last year. During the same quarter last 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, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a $1.61 dividend. The ex-dividend date is Tuesday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.5%. Illinois Tool Works’s payout ratio is currently 52.59%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 owned 10,314 shares in the company, valued at $2,734,035.12. The trade was a 39.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ITW. UBS Group raised their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Barclays increased their price objective on shares of 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. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. Citigroup increased their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Finally, Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the stock an “underperform” rating in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Reduce” and a consensus price target of $260.67.

Illinois Tool Works Company 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.