QRG Capital Management Inc. Grows Position in Illinois Tool Works Inc. $ITW

QRG Capital Management Inc. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,805 shares of the industrial products company’s stock after purchasing an additional 593 shares during the period. QRG Capital Management Inc.’s holdings in Illinois Tool Works were worth $5,144,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ITW. Sivia Capital Partners LLC acquired a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $214,000. OneAscent Financial Services LLC lifted its holdings in Illinois Tool Works by 25.8% in the first 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 lifted its holdings in Illinois Tool Works by 8.3% in the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after acquiring an additional 65 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $946,000. Finally, Advisory Alpha LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $259,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.2%

NYSE ITW opened at $260.19 on Monday. The stock has a market cap of $75.85 billion, a PE ratio of 22.80, a P/E/G ratio of 5.75 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The business has a 50 day moving average price of $261.43 and a two-hundred day moving average price of $250.99. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

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 for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. The firm 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%.Illinois Tool Works’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend 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 is currently 56.44%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ITW shares. Wells Fargo & Company lifted their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a report on Saturday, September 27th. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. Finally, UBS Group lifted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $261.58.

Insider Activity

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company’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 transaction, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This represents a 39.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.88% of the stock is currently owned by insiders.

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.