Illinois Tool Works Inc. $ITW Shares Sold by First Trust Advisors LP

First Trust Advisors LP reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 12.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 207,600 shares of the industrial products company’s stock after selling 30,766 shares during the period. First Trust Advisors LP’s holdings in Illinois Tool Works were worth $51,329,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Modern Wealth Management LLC raised its stake in Illinois Tool Works by 8.3% during the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after acquiring an additional 65 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Illinois Tool Works by 39.5% in the second quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after purchasing an additional 19,102 shares during the period. Level Four Advisory Services LLC raised its stake in shares of Illinois Tool Works by 16.3% during the second quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock worth $2,888,000 after purchasing an additional 1,638 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Illinois Tool Works by 1.3% during the second quarter. Swiss National Bank now owns 844,000 shares of the industrial products company’s stock worth $208,679,000 after purchasing an additional 11,200 shares during the period. Finally, RiverFront Investment Group LLC grew its position in Illinois Tool Works by 55.5% in the 2nd quarter. RiverFront Investment Group LLC now owns 2,870 shares of the industrial products company’s stock valued at $710,000 after buying an additional 1,024 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Upgrades and Downgrades

ITW has been the subject of several analyst reports. The Goldman Sachs Group set a $258.00 price target on shares of Illinois Tool Works in a report on Monday, October 27th. Wells Fargo & Company dropped their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Monday, October 27th. Truist Financial reduced their price target on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a report on Monday, October 27th. Evercore ISI decreased their price target on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Finally, Bank of America upgraded Illinois Tool Works from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $220.00 to $255.00 in a research report on Tuesday, November 18th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Reduce” and an average price target of $261.58.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $247.86 on Tuesday. The stock has a fifty day moving average price of $248.38 and a 200 day moving average price of $253.29. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The stock has a market cap of $71.91 billion, a PE ratio of 24.04, a P/E/G ratio of 11.12 and a beta of 1.14. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $278.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.72 by $0.09. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.09 billion. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.91 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 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 Dividend Announcement

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

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.