Illinois Tool Works Inc. $ITW Shares Sold by OLD Point Trust & Financial Services N A

OLD Point Trust & Financial Services N A reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 966 shares of the industrial products company’s stock after selling 76 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Illinois Tool Works were worth $239,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in ITW. von Borstel & Associates Inc. acquired a new position in shares of Illinois Tool Works during the 1st quarter worth about $26,000. Saudi Central Bank acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $29,000. 1248 Management LLC acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $30,000. Banque Transatlantique SA acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $30,000. Finally, Nova Wealth Management Inc. acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $36,000. 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 that occurred 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 completion of the transaction, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. UBS Group upped their target price on Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Barclays upped their target price 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. Stifel Nicolaus upped their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a research note on Thursday, July 31st. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Finally, Truist Financial downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price objective for the company. in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Reduce” and a consensus price target of $260.67.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $261.08 on Wednesday. The company has a market cap of $76.10 billion, a price-to-earnings ratio of 22.88, a price-to-earnings-growth ratio of 5.64 and a beta of 1.10. The stock has a 50 day simple moving average of $261.57 and a 200-day simple moving average of $250.92. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, equities analysts forecast 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. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.59%.

Illinois Tool Works Profile

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.