Precedent Wealth Partners LLC Raises Holdings in Illinois Tool Works Inc. $ITW

Precedent Wealth Partners LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,428 shares of the industrial products company’s stock after purchasing an additional 1,000 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Illinois Tool Works were worth $1,342,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the 1st quarter valued at $26,000. SOA Wealth Advisors LLC. lifted its stake in Illinois Tool Works by 90.9% during 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 Illinois Tool Works during the 1st quarter worth about $29,000. 1248 Management LLC acquired a new position in Illinois Tool Works during the 1st quarter worth about $30,000. Finally, Banque Transatlantique SA 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 hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.2%

Shares of ITW stock opened at $260.19 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The business’s 50 day moving average is $261.43 and its two-hundred day moving average is $251.05. The company has a market capitalization of $75.85 billion, a P/E ratio of 22.80, a price-to-earnings-growth ratio of 5.62 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly 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 business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the firm earned $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities 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 declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s payout ratio is 56.44%.

Analyst Ratings Changes

ITW has been the topic of a number of analyst reports. Stifel Nicolaus increased their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. UBS Group raised their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the stock an “underperform” rating in a research note on Tuesday, August 19th. Wells Fargo & Company lifted their target price 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. Finally, Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $260.67.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’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 value of $1,803,074.16. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by corporate insiders.

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.