Eastern Bank Sells 162 Shares of Illinois Tool Works Inc. $ITW

Eastern Bank trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,845 shares of the industrial products company’s stock after selling 162 shares during the quarter. Eastern Bank’s holdings in Illinois Tool Works were worth $1,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ITW. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works during the first quarter worth $26,000. SOA Wealth Advisors LLC. lifted its position in shares of Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Illinois Tool Works during the first quarter worth $29,000. 1248 Management LLC bought a new stake in shares of Illinois Tool Works during the first quarter worth $30,000. Finally, Banque Transatlantique SA bought a new stake in shares of Illinois Tool Works during the first quarter worth $30,000. 79.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the business’s 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 owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent research reports. Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. Wells Fargo & Company lifted 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. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday. Barclays lifted their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $262.83.

Illinois Tool Works Price Performance

ITW opened at $244.79 on Friday. The business’s 50-day moving average is $261.04 and its two-hundred day moving average is $250.93. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The firm has a market capitalization of $71.36 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 5.41 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $2.54 earnings per share. The firm’s quarterly revenue 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. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal 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 dividend of $1.61 per share. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 2.6%. Illinois Tool Works’s payout ratio is presently 56.44%.

Illinois Tool Works Company 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.