Praxis Investment Management Inc. Lowers Position in Illinois Tool Works Inc. $ITW

Praxis Investment Management Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 18.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 18,259 shares of the industrial products company’s stock after selling 4,170 shares during the quarter. Praxis Investment Management Inc.’s holdings in Illinois Tool Works were worth $4,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Illinois Tool Works by 0.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company’s stock valued at $627,176,000 after purchasing an additional 11,854 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Illinois Tool Works by 0.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company’s stock valued at $513,994,000 after buying an additional 13,354 shares during the last quarter. Invesco Ltd. increased its position in shares of Illinois Tool Works by 4.7% during the first quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company’s stock valued at $504,683,000 after acquiring an additional 91,359 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Illinois Tool Works by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company’s stock valued at $435,508,000 after acquiring an additional 45,316 shares during the last quarter. Finally, Amundi lifted its holdings in Illinois Tool Works by 1.1% during the first quarter. Amundi now owns 1,599,648 shares of the industrial products company’s stock worth $383,828,000 after acquiring an additional 17,119 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $246.75 on Friday. The company has a market capitalization of $71.93 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 5.48 and a beta of 1.10. 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 firm has a 50-day moving average price of $260.30 and a 200-day moving average price of $250.86. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the business earned $2.54 EPS. Illinois Tool Works’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. Equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date was Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 56.44%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ITW shares. Barclays raised their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. UBS Group raised their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Evercore ISI set a $265.00 price objective on shares of Illinois Tool Works and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Reduce” and an average price target of $262.83.

Insider Buying and Selling at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 transaction, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 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.