Allspring Global Investments Holdings LLC Decreases Stake in Illinois Tool Works Inc. $ITW

Allspring Global Investments Holdings LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 12.1% during the first quarter, HoldingsChannel reports. The fund owned 33,556 shares of the industrial products company’s stock after selling 4,640 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $8,743,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $808,351,000. Auto Owners Insurance Co increased its holdings in shares of Illinois Tool Works by 24,530.0% in the 4th quarter. Auto Owners Insurance Co now owns 628,065 shares of the industrial products company’s stock valued at $15,469,000 after purchasing an additional 625,515 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Illinois Tool Works by 1,517.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 390,022 shares of the industrial products company’s stock valued at $96,062,000 after purchasing an additional 365,915 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Illinois Tool Works by 11.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,311,357 shares of the industrial products company’s stock valued at $815,587,000 after purchasing an additional 353,056 shares during the period. Finally, Caisse de depot et placement du Quebec lifted its stake in shares of Illinois Tool Works by 293.0% in the third quarter. Caisse de depot et placement du Quebec now owns 424,547 shares of the industrial products company’s stock valued at $110,705,000 after purchasing an additional 316,512 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jennifer F. Scanlon purchased 806 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was bought at an average cost of $247.99 per share, with a total value of $199,879.94. Following the completion of the acquisition, the director directly owned 1,652 shares in the company, valued at $409,679.48. The trade was a 95.27% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ITW. Truist Financial upped their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. Citigroup reiterated a “neutral” rating on shares of Illinois Tool Works in a research report on Monday, July 13th. JPMorgan Chase & Co. boosted their price target on Illinois Tool Works from $295.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Barclays dropped their price objective on Illinois Tool Works from $275.00 to $250.00 and set an “underweight” rating for the company in a research note on Wednesday, April 1st. Finally, Weiss Ratings cut Illinois Tool Works from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $274.00.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $274.07 on Thursday. The company has a current ratio of 1.19, a quick ratio of 0.86 and a debt-to-equity ratio of 2.04. The firm has a 50-day moving average price of $261.16 and a two-hundred day moving average price of $266.65. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The company has a market capitalization of $78.85 billion, a P/E ratio of 25.45, a price-to-earnings-growth ratio of 4.67 and a beta of 1.00.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Thursday, April 30th. The industrial products company reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.09. Illinois Tool Works had a net margin of 19.32% and a return on equity of 97.36%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Illinois Tool Works has set its FY 2026 guidance at 11.100-11.500 EPS. As a group, research analysts expect that Illinois Tool Works Inc. will post 11.37 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.61 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.44 annualized dividend and a yield of 2.3%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.80%.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.