Carret Asset Management LLC Reduces Position in Illinois Tool Works Inc. $ITW

Carret Asset Management LLC decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 9,344 shares of the industrial products company’s stock after selling 175 shares during the quarter. Carret Asset Management LLC’s holdings in Illinois Tool Works were worth $2,310,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Savvy Advisors Inc. boosted its position in shares of Illinois Tool Works by 31.7% during the 2nd quarter. Savvy Advisors Inc. now owns 2,837 shares of the industrial products company’s stock valued at $701,000 after acquiring an additional 683 shares during the last quarter. Assetmark Inc. lifted its position in shares of Illinois Tool Works by 110.2% during the second quarter. Assetmark Inc. now owns 5,093 shares of the industrial products company’s stock worth $1,259,000 after purchasing an additional 2,670 shares in the last quarter. Spire Wealth Management increased its stake in shares of Illinois Tool Works by 90.3% during the second quarter. Spire Wealth Management now owns 4,549 shares of the industrial products company’s stock worth $1,125,000 after buying an additional 2,158 shares during the period. Hantz Financial Services Inc. increased its stake in shares of Illinois Tool Works by 3,977.8% during the second quarter. Hantz Financial Services Inc. now owns 367 shares of the industrial products company’s stock worth $91,000 after buying an additional 358 shares during the period. Finally, Arkadios Wealth Advisors increased its stake in shares of Illinois Tool Works by 49.3% during the second quarter. Arkadios Wealth Advisors now owns 37,355 shares of the industrial products company’s stock worth $9,236,000 after buying an additional 12,330 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock opened at $241.96 on Thursday. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. The business has a 50 day simple moving average of $258.37 and a 200-day simple moving average of $252.27. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a market capitalization of $70.19 billion, a P/E ratio of 23.47, a PEG ratio of 4.16 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.09 billion. During the same period last year, the company earned $3.91 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued a $1.61 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $6.44 dividend on an annualized basis and a yield of 2.7%. Illinois Tool Works’s dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group set a $258.00 target price on shares of Illinois Tool Works in a research note on Monday. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the stock an “underperform” rating in a research note on Tuesday, August 19th. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Monday. Robert W. Baird set a $265.00 price target on shares of Illinois Tool Works in a research note on Monday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $262.00.

Illinois Tool Works Company 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.