Mattern Wealth Management LLC Cuts Stock Holdings in Illinois Tool Works Inc. $ITW

Mattern Wealth Management LLC lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 16.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,422 shares of the industrial products company’s stock after selling 283 shares during the quarter. Mattern Wealth Management LLC’s holdings in Illinois Tool Works were worth $352,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Sivia Capital Partners LLC bought a new position in Illinois Tool Works in the first quarter worth approximately $214,000. OneAscent Financial Services LLC increased its holdings in shares of Illinois Tool Works by 25.8% in the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after acquiring an additional 341 shares during the period. Modern Wealth Management LLC raised its position in shares of Illinois Tool Works by 8.3% in the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock worth $210,000 after acquiring an additional 65 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth $946,000. Finally, Advisory Alpha LLC bought a new stake in Illinois Tool Works during the first quarter valued at about $259,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Trading Up 0.1%

NYSE:ITW opened at $261.43 on Tuesday. The company has a market capitalization of $76.21 billion, a P/E ratio of 22.91, a PEG ratio of 5.63 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 Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The firm has a fifty day simple moving average of $261.56 and a 200-day simple moving average of $250.84.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $2.54 EPS. The firm’s revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, equities research analysts anticipate 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. Investors of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 52.59%.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the 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 owned 10,314 shares in the company, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group boosted their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Citigroup boosted their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Truist Financial downgraded shares of 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. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Finally, Wells Fargo & Company increased their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a report 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’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $260.67.

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.