Illinois Tool Works Inc. $ITW Shares Bought by New York Life Investment Management LLC

New York Life Investment Management LLC boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the second quarter, HoldingsChannel.com reports. The fund owned 40,321 shares of the industrial products company’s stock after purchasing an additional 386 shares during the period. New York Life Investment Management LLC’s holdings in Illinois Tool Works were worth $9,969,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ITW. Auto Owners Insurance Co raised its position in shares of Illinois Tool Works by 55,978.4% in the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock valued at $354,654,000 after buying an additional 1,427,450 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Illinois Tool Works in the first quarter valued at about $293,928,000. JPMorgan Chase & Co. raised its position in shares of Illinois Tool Works by 14.5% in the first quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock valued at $313,734,000 after buying an additional 160,009 shares during the last quarter. Citigroup Inc. raised its position in shares of Illinois Tool Works by 50.5% in the first quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock valued at $92,020,000 after buying an additional 124,443 shares during the last quarter. Finally, Aberdeen Group plc raised its position in shares of Illinois Tool Works by 118.7% in the first quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock valued at $54,789,000 after buying an additional 121,141 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.8%

Shares of ITW stock opened at $245.85 on Wednesday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. The firm has a market cap of $71.32 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 5.47 and a beta of 1.10. The company has a 50-day moving average of $258.77 and a two-hundred day moving average of $252.20. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its 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. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.09 billion. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. Illinois Tool Works’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.91 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.6%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s payout ratio is 62.46%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent research reports. Barclays increased their target price on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research report on Monday. Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a report on Monday. Evercore ISI set a $265.00 price objective on shares of Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. 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. Finally, The Goldman Sachs Group set a $258.00 price objective on shares of Illinois Tool Works in a report on Monday. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $262.00.

Insiders Place Their Bets

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 shares were 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 owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company insiders.

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.