Westfield Capital Management Co. LP Has $2.20 Million Stock Position in Illinois Tool Works Inc. $ITW

Westfield Capital Management Co. LP lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,882 shares of the industrial products company’s stock after selling 926 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Illinois Tool Works were worth $2,196,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in Illinois Tool Works in the 1st quarter valued at $293,928,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Illinois Tool Works by 12.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,797,055 shares of the industrial products company’s stock valued at $938,822,000 after acquiring an additional 415,982 shares during the period. Vanguard Group Inc. boosted its stake in shares of Illinois Tool Works by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 26,723,774 shares of the industrial products company’s stock valued at $6,607,453,000 after purchasing an additional 335,955 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Illinois Tool Works by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock valued at $313,734,000 after purchasing an additional 160,009 shares during the last quarter. Finally, Citigroup Inc. boosted its position in Illinois Tool Works by 50.5% in the first quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock valued at $92,020,000 after buying an additional 124,443 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction 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 completion of the transaction, the chief accounting officer owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pamela B. Strobel sold 1,521 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company decreased their target price 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. Stifel Nicolaus boosted their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Friday, October 31st. Barclays raised their target price on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research note on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $263.77.

Illinois Tool Works Stock Up 2.8%

ITW stock opened at $247.79 on Friday. The business has a 50-day moving average of $251.26 and a 200-day moving average of $253.03. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The stock has a market capitalization of $71.88 billion, a P/E ratio of 24.03, a P/E/G ratio of 4.10 and a beta of 1.11. 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 (NYSE:ITW) last posted its quarterly earnings data 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 during 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 quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $3.91 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company 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. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s dividend payout ratio is currently 62.46%.

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.