California Public Employees Retirement System Acquires 26,984 Shares of Illinois Tool Works Inc. $ITW

California Public Employees Retirement System grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 5.7% in the 2nd quarter, Holdings Channel reports. The fund owned 502,094 shares of the industrial products company’s stock after purchasing an additional 26,984 shares during the quarter. California Public Employees Retirement System’s holdings in Illinois Tool Works were worth $124,143,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Frazier Financial Advisors LLC bought a new stake in Illinois Tool Works in the 2nd quarter valued at $25,000. SOA Wealth Advisors LLC. raised its position in shares of Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after buying an additional 50 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $29,000. Twin Peaks Wealth Advisors LLC acquired a new stake in Illinois Tool Works during the second quarter worth about $31,000. Finally, 1248 Management LLC bought a new position in Illinois Tool Works during the first quarter valued at about $30,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.1%

ITW stock opened at $249.67 on Monday. The business has a fifty day moving average price of $248.65 and a 200 day moving average price of $253.27. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $278.13. The stock has a market capitalization of $72.43 billion, a price-to-earnings ratio of 24.22, a P/E/G ratio of 11.12 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter in the prior year, the business earned $3.91 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be paid a $1.61 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.6%. Illinois Tool Works’s payout ratio is currently 62.46%.

Insider Buying and Selling

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pamela B. Strobel sold 1,521 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.88% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ITW has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Friday, October 31st. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $220.00 to $255.00 in a research note on Tuesday, November 18th. The Goldman Sachs Group set a $258.00 price objective on shares of Illinois Tool Works in a report on Monday, October 27th. Finally, Robert W. Baird set a $265.00 price target on shares of Illinois Tool Works in a research report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Reduce” and an average target price of $261.58.

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.