Welch & Forbes LLC Trims Stake in Illinois Tool Works Inc. $ITW

Welch & Forbes LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 22,190 shares of the industrial products company’s stock after selling 425 shares during the quarter. Welch & Forbes LLC’s holdings in Illinois Tool Works were worth $5,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ITW. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works during the second quarter worth $25,000. SOA Wealth Advisors LLC. raised its position 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 acquiring an additional 50 shares during the period. Saudi Central Bank purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth about $29,000. 1248 Management LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $30,000. Finally, Banque Transatlantique SA purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at about $30,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction dated Thursday, September 11th. The shares were 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 of the company’s stock, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 0.2%

NYSE ITW opened at $244.08 on Monday. The business has a fifty day moving average price of $257.51 and a 200 day moving average price of $252.58. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market cap of $70.81 billion, a P/E ratio of 23.67, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13.

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

Illinois Tool Works Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on ITW. Wells Fargo & Company lowered their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Monday, October 27th. Truist Financial reduced their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research note on Monday, October 27th. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Barclays boosted their price target on shares of Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a report on Monday, October 27th. Finally, Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $262.00.

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.