Illinois Tool Works Inc. $ITW Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,326,393 shares of the industrial products company’s stock after selling 122,432 shares during the period. Bank of New York Mellon Corp’s holdings in Illinois Tool Works were worth $575,201,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ITW. OneAscent Financial Services LLC increased its holdings in shares of Illinois Tool Works by 25.8% in the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 341 shares during the period. Modern Wealth Management LLC increased its holdings in shares of Illinois Tool Works by 8.3% in the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after purchasing an additional 65 shares during the period. Nordea Investment Management AB increased its holdings in shares of Illinois Tool Works by 9.5% in the second quarter. Nordea Investment Management AB now owns 38,993 shares of the industrial products company’s stock valued at $9,605,000 after purchasing an additional 3,388 shares during the period. Advisory Alpha LLC acquired a new position in shares of Illinois Tool Works in the first quarter valued at approximately $259,000. Finally, Global X Japan Co. Ltd. increased its holdings in shares of Illinois Tool Works by 8.3% in the second quarter. Global X Japan Co. Ltd. now owns 2,523 shares of the industrial products company’s stock valued at $624,000 after purchasing an additional 193 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.4%

ITW opened at $242.83 on Tuesday. The business’s fifty day moving average is $257.03 and its two-hundred day moving average is $252.67. 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 company has a market cap of $70.44 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 93.26% and a net margin of 19.05%.Illinois Tool Works’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $3.91 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders 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 2.7%. The ex-dividend date is Wednesday, December 31st. Illinois Tool Works’s payout ratio is presently 62.46%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ITW shares. Deutsche Bank Aktiengesellschaft boosted their target price on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 14th. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Monday, October 27th. Evercore ISI set a $265.00 price objective on Illinois Tool Works and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Finally, The Goldman Sachs Group set a $258.00 price objective on Illinois Tool Works in a report on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $262.00.

Insider Buying and Selling

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s 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 sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

About Illinois Tool Works

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.