Westpac Banking Corp Acquires New Holdings in Illinois Tool Works Inc. $ITW

Westpac Banking Corp purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,267 shares of the industrial products company’s stock, valued at approximately $6,563,000.

Other institutional investors also recently modified their holdings of the company. TRB Wealth Management LLC bought a new position in Illinois Tool Works during the 2nd quarter worth $405,000. Landscape Capital Management L.L.C. bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $3,457,000. Korea Investment CORP acquired a new stake in shares of Illinois Tool Works in the second quarter valued at about $47,010,000. EP Wealth Advisors LLC bought a new position in shares of Illinois Tool Works during the second quarter worth about $2,607,000. Finally, Bard Associates Inc. bought a new position in shares of Illinois Tool Works during the second quarter worth about $109,000. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $245.00 to $255.00 and gave the stock an “underweight” rating in a research report on Monday, May 4th. Wolfe Research reiterated an “underperform” rating and set a $286.00 price objective on shares of Illinois Tool Works in a research report on Thursday, July 9th. Weiss Ratings raised shares of Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Truist Financial boosted their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $310.00 to $350.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $281.25.

Insider Transactions at Illinois Tool Works

In related news, CAO Matteo C. Pigozzo sold 277 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $289.22, for a total value of $80,113.94. Following the sale, the chief accounting officer owned 3,394 shares in the company, valued at $981,612.68. This represents a 7.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jennifer F. Scanlon purchased 806 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was acquired at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the transaction, the director owned 1,652 shares in the company, valued at $409,679.48. This represents a 95.27% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.83% of the stock is currently owned by insiders.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $282.23 on Friday. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The stock’s 50 day moving average is $278.00 and its 200-day moving average is $271.50. The company has a quick ratio of 0.81, a current ratio of 1.11 and a debt-to-equity ratio of 2.26. The firm has a market capitalization of $80.38 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 4.78 and a beta of 0.99.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. Illinois Tool Works had a net margin of 19.39% and a return on equity of 101.72%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.19 billion. During the same quarter last year, the firm posted $2.58 EPS. Illinois Tool Works’s revenue was up 6.1% compared to the same quarter last year. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 11.45 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $1.72 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.61. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. Illinois Tool Works’s payout ratio is presently 58.39%.

Illinois Tool Works Company Profile

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.