Resona Asset Management Co. Ltd. Has $28.02 Million Stock Position in Illinois Tool Works Inc. $ITW

Resona Asset Management Co. Ltd. cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.7% in the second quarter, HoldingsChannel reports. The fund owned 113,254 shares of the industrial products company’s stock after selling 848 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Illinois Tool Works were worth $28,020,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. OneAscent Financial Services LLC lifted its holdings in shares of Illinois Tool Works by 25.8% during the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after buying an additional 341 shares during the last quarter. Modern Wealth Management LLC raised its position in Illinois Tool Works by 8.3% during the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after acquiring an additional 65 shares in the last quarter. Nordea Investment Management AB lifted its stake in Illinois Tool Works by 9.5% in the second quarter. Nordea Investment Management AB now owns 38,993 shares of the industrial products company’s stock valued at $9,605,000 after acquiring an additional 3,388 shares during the last quarter. Advisory Alpha LLC bought a new stake in Illinois Tool Works in the first quarter worth approximately $259,000. Finally, Global X Japan Co. Ltd. increased its stake in shares of Illinois Tool Works by 8.3% during the 2nd quarter. Global X Japan Co. Ltd. now owns 2,523 shares of the industrial products company’s stock worth $624,000 after purchasing an additional 193 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the business’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 transaction, the chief accounting officer owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ITW shares. Citigroup lifted their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft boosted their price target on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a report on Monday, October 27th. Stifel Nicolaus boosted their target price on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Finally, UBS Group upped their target price on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four 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 price target of $262.00.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $244.17 on Friday. The company has a market cap of $70.83 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 4.10 and a beta of 1.11. The business has a 50 day moving average price of $255.73 and a 200 day moving average price of $252.65. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.09. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.09 billion. During the same period in the previous year, the company earned $3.91 earnings per share. The company’s quarterly revenue 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. Research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

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.