DAVENPORT & Co LLC Has $7.15 Million Stake in Illinois Tool Works Inc. $ITW

DAVENPORT & Co LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,903 shares of the industrial products company’s stock after buying an additional 477 shares during the period. DAVENPORT & Co LLC’s holdings in Illinois Tool Works were worth $7,147,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. von Borstel & Associates Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $26,000. SOA Wealth Advisors LLC. lifted its holdings in shares of Illinois Tool Works by 90.9% in the second 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 during the last quarter. Saudi Central Bank bought a new position in shares of Illinois Tool Works in the first quarter worth about $29,000. 1248 Management LLC bought a new position in shares of Illinois Tool Works in the first quarter worth about $30,000. Finally, Banque Transatlantique SA bought a new position in shares of Illinois Tool Works in the first quarter worth about $30,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 1.2%

Shares of NYSE ITW opened at $255.73 on Wednesday. The company has a 50 day simple moving average of $261.34 and a 200 day simple moving average of $251.08. The firm has a market cap of $74.54 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 5.72 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business earned $2.54 EPS. The company’s revenue 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, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio (DPR) is 56.44%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the completion of the transaction, the chief accounting officer owned 10,314 shares in the company, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ITW. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a report on Saturday, September 27th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Barclays increased their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Finally, Citigroup raised their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Reduce” and a consensus target price of $261.58.

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.