FARMERS & MERCHANTS TRUST Co OF LONG BEACH Acquires 48 Shares of Illinois Tool Works Inc. $ITW

FARMERS & MERCHANTS TRUST Co OF LONG BEACH raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,665 shares of the industrial products company’s stock after purchasing an additional 48 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Illinois Tool Works were worth $412,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ITW. Bank & Trust Co boosted its position in Illinois Tool Works by 0.4% during the 2nd quarter. Bank & Trust Co now owns 10,215 shares of the industrial products company’s stock valued at $2,526,000 after acquiring an additional 39 shares in the last quarter. Clearstead Trust LLC grew its stake in Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company’s stock valued at $1,180,000 after purchasing an additional 43 shares during the last quarter. Northern Financial Advisors Inc raised its holdings in Illinois Tool Works by 1.9% in the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company’s stock worth $582,000 after purchasing an additional 44 shares in the last quarter. Aspen Investment Management Inc lifted its position in shares of Illinois Tool Works by 0.7% during the first quarter. Aspen Investment Management Inc now owns 6,236 shares of the industrial products company’s stock valued at $1,547,000 after buying an additional 45 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its holdings in shares of Illinois Tool Works by 3.3% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company’s stock valued at $355,000 after buying an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. UBS Group increased their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a report on Thursday, July 31st. Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an “underperform” rating in a research note on Tuesday, August 19th. Finally, Stifel Nicolaus boosted their price target on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $260.67.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction dated 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 sale, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 1.3%

Illinois Tool Works stock opened at $261.32 on Monday. The stock has a 50-day moving average price of $261.42 and a 200 day moving average price of $250.80. The company has a market capitalization of $76.17 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 5.63 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. 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 issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the company earned $2.54 EPS. Illinois Tool Works’s quarterly revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works’s payout ratio is presently 52.59%.

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.