Allspring Global Investments Holdings LLC Grows Position in Illinois Tool Works Inc. $ITW

Allspring Global Investments Holdings LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,183 shares of the industrial products company’s stock after buying an additional 725 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $7,958,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Illinois Tool Works during the 2nd quarter worth approximately $102,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Illinois Tool Works by 24.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 44,225 shares of the industrial products company’s stock valued at $10,938,000 after purchasing an additional 8,576 shares during the last quarter. Sather Financial Group Inc purchased a new position in shares of Illinois Tool Works in the 2nd quarter valued at approximately $573,000. Concurrent Investment Advisors LLC grew its stake in shares of Illinois Tool Works by 1.4% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 22,045 shares of the industrial products company’s stock valued at $5,451,000 after purchasing an additional 313 shares during the last quarter. Finally, Johnson Investment Counsel Inc. grew its stake in shares of Illinois Tool Works by 0.7% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 320,292 shares of the industrial products company’s stock valued at $79,192,000 after purchasing an additional 2,088 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several analyst reports. Barclays lifted their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft lifted their target price on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday, October 8th. Citigroup raised their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Finally, Truist Financial raised their price target on Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $262.83.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $249.46 on Monday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The stock has a fifty day moving average of $260.15 and a two-hundred day moving average of $250.93. The company has a market capitalization of $72.72 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 5.52 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

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 for the quarter, topping the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.Illinois Tool Works’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were given a $1.61 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 56.44%.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction 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 of the company’s stock, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by corporate insiders.

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.