Summit Financial LLC buys 1,142 shares of Illinois Tool Works Inc. (NYSE:ITW)

VaselineSeptember 3, 2024

0 4 minutes read

Summit Financial LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 48.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,510 shares of the industrial products company’s stock after acquiring an additional 1,142 shares during the quarter. Summit Financial LLC’s holdings in Illinois Tool Works were worth $837,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Steele Capital Management Inc. raised its position in shares of Illinois Tool Works by 4.9% in the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 40 shares during the period. EP Wealth Advisors LLC lifted its position in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 42 shares in the last quarter. Catalyst Financial Partners LLC boosted its holdings in shares of Illinois Tool Works by 2.5% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after acquiring an additional 43 shares during the period. First Pacific Financial raised its position in shares of Illinois Tool Works by 1.3% in the first quarter. First Pacific Financial now owns 3,334 shares of the industrial products company’s stock valued at $895,000 after buying an additional 44 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after buying an additional 44 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s shares.

Analysts on Wall Street are forecasting an increase

Several research analysts have commented on ITW shares. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Stifel Nicolaus cut their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Truist Financial cut their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Finally, Barclays cut their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $250.22, according to MarketBeat.

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Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $253.18 on Tuesday. The company’s 50-day moving average price is $242.59 and its 200-day moving average price is $249.02. The firm has a market cap of $75.55 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 4.03 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92, and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. In the same period last year, the company earned $2.41 per share. The company’s quarterly revenue was down 1.2% year-over-year. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works increases dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents an annualized dividend of $6.00 and a yield of 2.37%. This is a positive change from Illinois Tool Works’ previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30. Illinois Tool Works’ dividend yield is currently 59.17%.

Indoor activity

In related news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Insiders hold 0.88% of the company’s stock.

About Illinois Tool Works

(Free report)

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 and Measurement and Electronics; Welding; Polymers and fluids; Construction products; and specialty products.