Stock Yards Bank & Trust Co. Increases Stake in Illinois Tool Works Inc. $ITW

Stock Yards Bank & Trust Co. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,030 shares of the industrial products company’s stock after purchasing an additional 461 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Illinois Tool Works were worth $4,458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ITW. Brighton Jones LLC raised its position in shares of Illinois Tool Works by 5.3% in the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after purchasing an additional 277 shares during the last quarter. Bison Wealth LLC raised its position in shares of Illinois Tool Works by 2.3% in the 4th quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company’s stock valued at $901,000 after purchasing an additional 81 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at approximately $125,000. Merit Financial Group LLC raised its position in shares of Illinois Tool Works by 13.9% in the 1st quarter. Merit Financial Group LLC now owns 9,384 shares of the industrial products company’s stock valued at $2,327,000 after purchasing an additional 1,142 shares during the last quarter. Finally, RFG Advisory LLC raised its position in shares of Illinois Tool Works by 45.3% in the 1st quarter. RFG Advisory LLC now owns 5,078 shares of the industrial products company’s stock valued at $1,259,000 after purchasing an additional 1,583 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 sale, the chief accounting officer owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The transaction 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 Upgrades and Downgrades

Several equities analysts recently weighed in on ITW shares. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Truist Financial downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 price target on the stock. in a report on Thursday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a report on Saturday, September 27th. UBS Group increased their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Finally, Barclays increased their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $260.67.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $260.19 on Friday. The firm’s 50 day simple moving average is $261.43 and its 200-day simple moving average is $251.05. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a market capitalization of $75.85 billion, a price-to-earnings ratio of 22.80, a PEG ratio of 5.62 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 (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm 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 earned $2.54 EPS. The firm’s revenue for the quarter 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. Analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a 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%.

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.