Spire Wealth Management Has $1.13 Million Stock Position in Illinois Tool Works Inc. $ITW

Spire Wealth Management grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 90.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,549 shares of the industrial products company’s stock after purchasing an additional 2,158 shares during the period. Spire Wealth Management’s holdings in Illinois Tool Works were worth $1,125,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Auto Owners Insurance Co increased its holdings in Illinois Tool Works by 55,978.4% in the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock worth $354,654,000 after buying an additional 1,427,450 shares during the last quarter. Nuveen LLC bought a new stake in Illinois Tool Works in the first quarter worth approximately $293,928,000. JPMorgan Chase & Co. increased its stake in shares of Illinois Tool Works by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock worth $313,734,000 after purchasing an additional 160,009 shares during the last quarter. Citigroup Inc. increased its stake in shares of Illinois Tool Works by 50.5% during the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock worth $92,020,000 after purchasing an additional 124,443 shares during the last quarter. Finally, Aberdeen Group plc raised its holdings in shares of Illinois Tool Works by 118.7% during the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock valued at $54,789,000 after purchasing an additional 121,141 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.2%

ITW opened at $244.08 on Friday. The business has a 50 day moving average of $257.51 and a 200-day moving average of $252.28. The stock has a market capitalization of $70.81 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

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

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, December 31st. Illinois Tool Works’s payout ratio is currently 62.46%.

Analyst Ratings Changes

A number of brokerages recently issued reports on ITW. Deutsche Bank Aktiengesellschaft upped their price objective 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. 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. Barclays increased their price objective on Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a report on Monday. Citigroup boosted their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Finally, 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 report on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Reduce” and a consensus price target of $262.00.

Insider Buying and Selling

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 completion of the transaction, the chief accounting officer 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.88% of the stock is currently owned by company insiders.

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.