W.H. Cornerstone Investments Inc. Raises Stake in Illinois Tool Works Inc. $ITW

W.H. Cornerstone Investments Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 13.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,956 shares of the industrial products company’s stock after purchasing an additional 467 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Illinois Tool Works were worth $978,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. OneAscent Financial Services LLC boosted its stake in Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after acquiring an additional 341 shares in the last quarter. Modern Wealth Management LLC raised its holdings in shares of Illinois Tool Works by 8.3% in the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock worth $210,000 after buying an additional 65 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Illinois Tool Works by 39.5% during the second quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock worth $16,674,000 after buying an additional 19,102 shares during the period. Nordea Investment Management AB increased its position in shares of Illinois Tool Works by 9.5% in the 2nd quarter. Nordea Investment Management AB now owns 38,993 shares of the industrial products company’s stock valued at $9,605,000 after acquiring an additional 3,388 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Illinois Tool Works by 17.3% in the second 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 purchasing an additional 2,647 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded up $0.26 on Thursday, reaching $245.69. The company’s stock had a trading volume of 86,625 shares, compared to its average volume of 1,075,438. The stock’s 50-day moving average is $254.28 and its two-hundred day moving average is $253.00. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a market capitalization of $71.27 billion, a P/E ratio of 23.83, a PEG ratio of 4.10 and a beta of 1.11. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $4.09 billion. During the same period last year, the firm posted $3.91 EPS. Illinois Tool Works’s quarterly revenue 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. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be given a dividend of $1.61 per share. The ex-dividend date is Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s dividend payout ratio is 62.46%.

Insider Activity at Illinois Tool Works

In other news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the sale, the director directly owned 39,249 shares in the company, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total value of $1,803,074.16. Following the transaction, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft upped their target price on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Truist Financial dropped their price objective on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a report on Monday, October 27th. Stifel Nicolaus raised their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. Finally, Robert W. Baird set a $265.00 price target on shares of Illinois Tool Works in a research report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Reduce” and a consensus target price of $262.00.

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.