NewEdge Wealth LLC Trims Stake in Illinois Tool Works Inc. $ITW

NewEdge Wealth LLC lessened its position in Illinois Tool Works Inc. (NYSE:ITW) by 29.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,710 shares of the industrial products company’s stock after selling 3,266 shares during the quarter. NewEdge Wealth LLC’s holdings in Illinois Tool Works were worth $2,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Y.D. More Investments Ltd purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $2,498,000. Aberdeen Group plc grew its stake in shares of Illinois Tool Works by 4.7% in the 4th quarter. Aberdeen Group plc now owns 245,504 shares of the industrial products company’s stock worth $60,468,000 after buying an additional 11,035 shares during the last quarter. Strs Ohio increased its position in Illinois Tool Works by 20.5% during the 4th quarter. Strs Ohio now owns 83,263 shares of the industrial products company’s stock valued at $20,508,000 after buying an additional 14,186 shares in the last quarter. Financial Planning Hawaii Inc. purchased a new position in Illinois Tool Works during the fourth quarter valued at $1,438,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Illinois Tool Works by 3.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 586,906 shares of the industrial products company’s stock worth $146,433,000 after acquiring an additional 21,481 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Insider Activity at Illinois Tool Works

In other news, Director Jennifer F. Scanlon acquired 806 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, June 2nd. The stock was bought at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the completion of the transaction, the director owned 1,652 shares in the company, valued at $409,679.48. The trade was a 95.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ITW shares. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $295.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Citigroup reaffirmed a “neutral” rating on shares of Illinois Tool Works in a report on Monday, July 13th. Truist Financial upped their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $245.00 to $255.00 and gave the company an “underweight” rating in a report on Monday, May 4th. Finally, Wolfe Research reissued an “underperform” rating and set a $286.00 price target on shares of Illinois Tool Works in a research report on Thursday, July 9th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $274.00.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $282.91 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.86 and a current ratio of 1.19. The firm has a market cap of $81.39 billion, a price-to-earnings ratio of 26.27, a price-to-earnings-growth ratio of 4.86 and a beta of 1.00. The business has a 50-day simple moving average of $262.39 and a two-hundred day simple moving average of $266.96. Illinois Tool Works Inc. has a fifty-two week low of $238.82 and a fifty-two week high of $303.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, April 30th. The industrial products company reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.09. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 19.32% and a return on equity of 97.36%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.38 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.100-11.500 EPS. On average, analysts expect that Illinois Tool Works Inc. will post 11.37 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a $1.61 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.3%. Illinois Tool Works’s payout ratio is presently 59.80%.

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.