414 Shares in Illinois Tool Works Inc. $ITW Purchased by OFI Invest Asset Management

OFI Invest Asset Management acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 414 shares of the industrial products company’s stock, valued at approximately $102,000.

Several other institutional investors also recently bought and sold shares of ITW. Auto Owners Insurance Co boosted its holdings in Illinois Tool Works by 55,978.4% in the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company’s stock worth $354,654,000 after buying an additional 1,427,450 shares during the last quarter. Nuveen LLC purchased a new position in Illinois Tool Works in the 1st quarter worth approximately $293,928,000. JPMorgan Chase & Co. lifted its stake in Illinois Tool Works by 14.5% in the 1st quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company’s stock worth $313,734,000 after purchasing an additional 160,009 shares in the last quarter. Citigroup Inc. lifted its stake in Illinois Tool Works by 50.5% in the 1st quarter. Citigroup Inc. now owns 371,034 shares of the industrial products company’s stock worth $92,020,000 after purchasing an additional 124,443 shares in the last quarter. Finally, Aberdeen Group plc lifted its stake in Illinois Tool Works by 118.7% in the 1st quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company’s stock worth $54,789,000 after purchasing an additional 121,141 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on ITW shares. Truist Financial raised their target price on shares of Illinois Tool Works from $283.00 to $298.00 and gave the stock a “hold” rating in a research note on Wednesday. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $262.83.

Illinois Tool Works Stock Down 1.4%

Shares of NYSE ITW opened at $244.79 on Monday. The firm has a market cap of $71.36 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 5.41 and a beta of 1.10. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The business’s 50 day moving average is $261.04 and its two-hundred day moving average is $250.93.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

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

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works 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 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 through this link. 0.88% of the stock is currently owned by insiders.

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.