Illinois Tool Works Inc. $ITW Shares Sold by First Interstate Bank

First Interstate Bank trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 9.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,308 shares of the industrial products company’s stock after selling 136 shares during the period. First Interstate Bank’s holdings in Illinois Tool Works were worth $323,000 as of its most recent SEC filing.

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

Insider Activity

In other news, 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 value of $1,803,074.16. Following the completion of the transaction, the chief accounting officer owned 10,314 shares of the company’s stock, 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 this link. Insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of several research reports. Barclays upped their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upped their price target on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. UBS Group upped their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company upped their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $262.83.

Illinois Tool Works Price Performance

Shares of ITW opened at $249.46 on Monday. The company has a market cap of $72.72 billion, a P/E ratio of 21.86, a PEG ratio of 5.52 and a beta of 1.10. The stock has a fifty day moving average price of $260.15 and a 200 day moving average price of $250.93. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

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 (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $2.54 earnings per share. The company’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. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were paid a $1.61 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 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.