Illinois Tool Works Inc. $ITW Shares Sold by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,118 shares of the industrial products company’s stock after selling 310 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Illinois Tool Works were worth $3,243,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. OneAscent Financial Services LLC lifted its holdings in shares of Illinois Tool Works by 25.8% in the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after buying an additional 341 shares during the period. Modern Wealth Management LLC lifted its holdings in shares of Illinois Tool Works by 8.3% in the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after buying an additional 65 shares during the period. Advisory Alpha LLC acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at approximately $259,000. Global X Japan Co. Ltd. lifted its holdings in shares of Illinois Tool Works by 8.3% in the 2nd quarter. Global X Japan Co. Ltd. now owns 2,523 shares of the industrial products company’s stock valued at $624,000 after buying an additional 193 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in Illinois Tool Works by 17.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 17,987 shares of the industrial products company’s stock worth $4,447,000 after purchasing an additional 2,647 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on ITW shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. UBS Group boosted their target price on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. Citigroup boosted their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. Finally, Truist Financial boosted their target price on Illinois Tool Works from $283.00 to $298.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $262.83.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s 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. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $257.17 on Wednesday. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock has a market cap of $74.96 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 5.58 and a beta of 1.10. The business has a fifty day moving average of $260.00 and a 200-day moving average of $251.17. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the previous year, the firm posted $2.54 earnings per share. The business’s revenue for the quarter 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. As a group, analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal 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 issued a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s payout ratio is presently 56.44%.

About Illinois Tool Works

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.