Allstate Corp Boosts Stake in Illinois Tool Works Inc. $ITW

Allstate Corp raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 57.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,445 shares of the industrial products company’s stock after buying an additional 5,243 shares during the period. Allstate Corp’s holdings in Illinois Tool Works were worth $3,583,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the first quarter worth $26,000. Park Square Financial Group LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $35,000. Olde Wealth Management LLC purchased a new position in shares of Illinois Tool Works during the first quarter valued at approximately $49,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Illinois Tool Works by 167.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 211 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 132 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $269.2230 on Friday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The firm has a market capitalization of $78.48 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 5.63 and a beta of 1.09. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The firm has a 50 day moving average of $255.55 and a 200 day moving average of $250.35.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter last year, the company posted $2.54 EPS. The company’s 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. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s payout ratio is presently 56.44%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ITW shares. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday. Truist Financial cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. UBS Group boosted their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Finally, Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Reduce” and an average target price of $260.67.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company’s stock.

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.