Retirement Systems of Alabama Sells 2,401 Shares of Illinois Tool Works Inc. $ITW

Retirement Systems of Alabama cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,140 shares of the industrial products company’s stock after selling 2,401 shares during the period. Retirement Systems of Alabama owned 0.06% of Illinois Tool Works worth $45,034,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. grew its stake in Illinois Tool Works by 110.2% in the second quarter. Assetmark Inc. now owns 5,093 shares of the industrial products company’s stock valued at $1,259,000 after acquiring an additional 2,670 shares during the period. Spire Wealth Management lifted its holdings in shares of Illinois Tool Works by 90.3% in the 2nd quarter. Spire Wealth Management now owns 4,549 shares of the industrial products company’s stock worth $1,125,000 after purchasing an additional 2,158 shares in the last quarter. Hantz Financial Services Inc. grew its position in Illinois Tool Works by 3,977.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 367 shares of the industrial products company’s stock valued at $91,000 after purchasing an additional 358 shares during the period. Arkadios Wealth Advisors increased its stake in Illinois Tool Works by 49.3% during the 2nd quarter. Arkadios Wealth Advisors now owns 37,355 shares of the industrial products company’s stock valued at $9,236,000 after purchasing an additional 12,330 shares in the last quarter. Finally, World Investment Advisors increased its stake in Illinois Tool Works by 1.1% during the 2nd quarter. World Investment Advisors now owns 17,075 shares of the industrial products company’s stock valued at $4,222,000 after purchasing an additional 190 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ITW. Truist Financial dropped their price objective on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research note on Monday. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Citigroup increased their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company dropped 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. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $262.00.

Illinois Tool Works Trading Up 0.6%

NYSE ITW opened at $243.48 on Friday. The business’s fifty day moving average is $258.02 and its 200-day moving average is $252.21. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. The stock has a market capitalization of $70.63 billion, a price-to-earnings ratio of 23.62, 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 quarterly earnings data on Friday, October 24th. The industrial products company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.72 by $0.09. The business 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 firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company posted $3.91 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Equities research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be paid 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 payout ratio is presently 62.46%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company 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.