Illinois Tool Works Inc. $ITW Shares Sold by Korea Investment CORP

Korea Investment CORP trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 7.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 191,958 shares of the industrial products company’s stock after selling 14,755 shares during the quarter. Korea Investment CORP owned approximately 0.07% of Illinois Tool Works worth $47,462,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works in the 2nd quarter worth about $25,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Illinois Tool Works by 90.9% in the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after buying an additional 50 shares during the period. Saudi Central Bank acquired a new position in shares of Illinois Tool Works in the first quarter worth about $29,000. 1248 Management LLC purchased a new position in shares of Illinois Tool Works in the first quarter worth approximately $30,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $30,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ITW shares. Evercore ISI decreased their price objective on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating for the company in a research note on Monday, November 17th. Barclays increased their target price on Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a report on Monday, October 27th. Truist Financial decreased their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research report on Monday, October 27th. The Goldman Sachs Group set a $258.00 price target on Illinois Tool Works in a research report on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Reduce” and an average price target of $263.77.

Insider Activity at Illinois Tool Works

In related news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction 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 approximately $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the transaction, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $249.27 on Friday. The stock has a fifty day moving average price of $250.02 and a 200 day moving average price of $253.20. 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 1 year low of $214.66 and a 1 year high of $279.13. The stock has a market cap of $72.31 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 4.10 and a beta of 1.11.

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 analysts’ consensus estimates of $2.72 by $0.09. The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the business earned $3.91 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be given a $1.61 dividend. This represents a $6.44 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, December 31st. Illinois Tool Works’s payout ratio is currently 62.46%.

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.