Sumitomo Mitsui Financial Group Inc. Has $538,000 Holdings in Illinois Tool Works Inc. $ITW

Sumitomo Mitsui Financial Group Inc. decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 13.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,175 shares of the industrial products company’s stock after selling 336 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Illinois Tool Works were worth $538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank & Trust Co boosted its stake in Illinois Tool Works by 0.4% during the 2nd quarter. Bank & Trust Co now owns 10,215 shares of the industrial products company’s stock worth $2,526,000 after acquiring an additional 39 shares during the last quarter. Northcape Wealth Management LLC raised its holdings in Illinois Tool Works by 2.1% in the second quarter. Northcape Wealth Management LLC now owns 1,922 shares of the industrial products company’s stock worth $475,000 after purchasing an additional 40 shares during the period. TFG Advisers LLC boosted its position in shares of Illinois Tool Works by 0.5% during the second quarter. TFG Advisers LLC now owns 8,461 shares of the industrial products company’s stock worth $2,092,000 after purchasing an additional 42 shares in the last quarter. Freedom Investment Management Inc. grew its holdings in shares of Illinois Tool Works by 3.0% in the 2nd quarter. Freedom Investment Management Inc. now owns 1,443 shares of the industrial products company’s stock valued at $357,000 after buying an additional 42 shares during the period. Finally, Clearstead Trust LLC raised its stake in Illinois Tool Works by 0.9% during the 1st quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company’s stock worth $1,180,000 after buying an additional 43 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Truist Financial decreased their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research note on Monday, October 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Friday, October 31st. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $255.00 in a report on Tuesday, November 18th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Monday, October 27th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $263.77.

Illinois Tool Works Stock Performance

ITW opened at $249.27 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. The stock has a market cap of $72.31 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 4.10 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The business has a 50 day moving average of $250.30 and a 200-day moving average of $253.22.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.09. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The business’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.91 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm 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 dividend yield of 2.6%. The ex-dividend date is Wednesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 62.46%.

Insider Activity at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the business’s stock in a transaction that occurred 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 directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Pamela B. Strobel sold 1,521 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the transaction, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. This trade represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.88% of the stock is currently owned by company 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.