Cullen Frost Bankers Inc. Raises Stock Holdings in Illinois Tool Works Inc. $ITW

Cullen Frost Bankers Inc. increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,260 shares of the industrial products company’s stock after acquiring an additional 863 shares during the period. Cullen Frost Bankers Inc.’s holdings in Illinois Tool Works were worth $2,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dupree Financial Group LLC raised its stake in Illinois Tool Works by 109.6% in the 2nd quarter. Dupree Financial Group LLC now owns 23,945 shares of the industrial products company’s stock worth $5,921,000 after acquiring an additional 12,520 shares during the last quarter. Fiduciary Family Office LLC raised its stake in Illinois Tool Works by 2.6% in the 2nd quarter. Fiduciary Family Office LLC now owns 2,838 shares of the industrial products company’s stock worth $702,000 after acquiring an additional 73 shares during the last quarter. Klingman & Associates LLC purchased a new position in Illinois Tool Works in the 2nd quarter worth $212,000. Phoenix Financial Ltd. grew its position in Illinois Tool Works by 24.7% during the 2nd quarter. Phoenix Financial Ltd. now owns 1,322 shares of the industrial products company’s stock worth $328,000 after purchasing an additional 262 shares during the period. Finally, Bogart Wealth LLC grew its position in Illinois Tool Works by 26.3% during the 2nd quarter. Bogart Wealth LLC now owns 216 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ITW. UBS Group increased their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the stock an “underperform” rating in a research report on Tuesday, August 19th. Barclays increased their price target on 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. Finally, Wells Fargo & Company increased their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research report 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 given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $262.83.

Insiders Place Their Bets

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction dated 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 approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

NYSE:ITW opened at $257.49 on Friday. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $75.06 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 5.60 and a beta of 1.10. The stock’s 50-day moving average price is $259.61 and its 200-day moving average price is $251.43.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. The firm had revenue of $4.05 billion for 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% on a year-over-year basis. 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. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a $1.61 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio is 56.44%.

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.