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

QRG Capital Management Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 43.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 11,866 shares of the industrial products company’s stock after selling 8,939 shares during the period. QRG Capital Management Inc.’s holdings in Illinois Tool Works were worth $3,094,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the second quarter worth $25,000. Corsicana & Co. purchased a new position in Illinois Tool Works during the third quarter valued at $26,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Illinois Tool Works by 90.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth about $31,000. Finally, Vermillion & White Wealth Management Group LLC increased its stake in shares of Illinois Tool Works by 103.3% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

ITW stock opened at $263.56 on Monday. The stock’s 50 day simple moving average is $250.14 and its 200 day simple moving average is $254.82. 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 12-month low of $214.66 and a 12-month high of $278.13. The stock has a market capitalization of $76.46 billion, a PE ratio of 25.56, a price-to-earnings-growth ratio of 14.16 and a beta of 1.15.

Illinois Tool Works (NYSE:ITW) last posted 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. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.91 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were paid a dividend of $1.61 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.4%. Illinois Tool Works’s dividend payout ratio is currently 62.46%.

Insider Activity

In other news, Director Pamela B. Strobel sold 1,521 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares in the company, valued at $9,625,817.25. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on ITW shares. Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. Wolfe Research boosted their price target on Illinois Tool Works from $264.00 to $278.00 and gave the stock an “underperform” rating in a research report on Thursday. Evercore ISI cut their price target on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Friday, October 31st. Finally, Bank of America raised Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $220.00 to $255.00 in a report on Tuesday, November 18th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $261.08.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.