Illinois Tool Works Inc. $ITW Shares Sold by OLD Point Trust & Financial Services N A

OLD Point Trust & Financial Services N A decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 7.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 966 shares of the industrial products company’s stock after selling 76 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Illinois Tool Works were worth $239,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ITW. Auto Owners Insurance Co grew its position in shares of Illinois Tool Works by 55,978.4% during the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock worth $354,654,000 after buying an additional 1,427,450 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Illinois Tool Works during the first quarter worth approximately $293,928,000. JPMorgan Chase & Co. grew its position in shares of Illinois Tool Works by 14.5% during the first quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock worth $313,734,000 after buying an additional 160,009 shares in the last quarter. Citigroup Inc. grew its position in shares of Illinois Tool Works by 50.5% during the first quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock worth $92,020,000 after buying an additional 124,443 shares in the last quarter. Finally, Aberdeen Group plc grew its position in shares of Illinois Tool Works by 118.7% during the first quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock worth $54,789,000 after buying an additional 121,141 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 1.6%

Shares of Illinois Tool Works stock opened at $253.06 on Thursday. The firm has a market cap of $73.77 billion, a price-to-earnings ratio of 22.18, a P/E/G ratio of 5.69 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a 50-day simple moving average of $259.71 and a 200-day simple moving average of $251.18.

Illinois Tool Works (NYSE:ITW) last posted its 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 return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company earned $2.54 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th were given a $1.61 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s dividend payout ratio is 56.44%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ITW shares. Citigroup raised their target price 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. Barclays lifted their target price on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft lifted their target price on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Finally, Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the stock an “underperform” rating in a research note on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Reduce” and an average target price of $262.83.

Illinois Tool Works 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.