Harbour Trust & Investment Management Co Has $2.21 Million Holdings in Illinois Tool Works Inc. $ITW

Harbour Trust & Investment Management Co lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,920 shares of the industrial products company’s stock after selling 174 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Illinois Tool Works were worth $2,205,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ITW. Auto Owners Insurance Co boosted its holdings in shares of Illinois Tool Works by 55,978.4% in the 1st 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 bought a new stake in Illinois Tool Works in the 1st quarter valued at $293,928,000. JPMorgan Chase & Co. raised its stake in Illinois Tool Works by 14.5% in the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock valued at $313,734,000 after acquiring an additional 160,009 shares during the period. Citigroup Inc. raised its stake in Illinois Tool Works by 50.5% in the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock valued at $92,020,000 after acquiring an additional 124,443 shares during the period. Finally, Aberdeen Group plc raised its stake in Illinois Tool Works by 118.7% in the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock valued at $54,789,000 after acquiring an additional 121,141 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company increased their price target on Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. Truist Financial increased their price target on Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Citigroup increased their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Finally, Barclays increased their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $262.83.

Illinois Tool Works Stock Down 0.1%

Shares of NYSE ITW opened at $244.59 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. 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 $71.30 billion, a P/E ratio of 21.44, a PEG ratio of 5.41 and a beta of 1.10. The stock’s fifty day moving average is $260.86 and its 200 day moving average is $250.92.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.01 billion. During the same quarter last year, the business earned $2.54 earnings per share. Illinois Tool Works’s revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were given a $1.61 dividend. The ex-dividend date was Tuesday, September 30th. This is an increase 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 dividend payout ratio (DPR) is 56.44%.

Insider Activity at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the transaction, the chief accounting officer owned 10,314 shares in the company, valued at approximately $2,734,035.12. This trade represents 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 this link. Insiders own 0.88% of the company’s stock.

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.