State of Michigan Retirement System Increases Stock Position in Illinois Tool Works Inc. $ITW

State of Michigan Retirement System raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,136 shares of the industrial products company’s stock after purchasing an additional 700 shares during the quarter. State of Michigan Retirement System’s holdings in Illinois Tool Works were worth $19,814,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Frazier Financial Advisors LLC acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth $25,000. SOA Wealth Advisors LLC. grew its stake in shares of Illinois Tool Works by 90.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares during the period. Saudi Central Bank acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $29,000. 1248 Management LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $30,000. Finally, Banque Transatlantique SA acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $244.08 on Monday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The stock has a market capitalization of $70.81 billion, a P/E ratio of 23.67, a P/E/G ratio of 4.10 and a beta of 1.10. The firm’s 50-day moving average is $257.51 and its two-hundred day moving average is $252.58. 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 released its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. During the same period last year, the company earned $3.91 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 62.46%.

Insider Activity

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer directly owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ITW. Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Monday, October 27th. Citigroup upped their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. The Goldman Sachs Group set a $258.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. Finally, UBS Group increased their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $262.00.

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.