State Board of Administration of Florida Retirement System Has $67.25 Million Position in Illinois Tool Works Inc. $ITW

State Board of Administration of Florida Retirement System boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 271,991 shares of the industrial products company’s stock after purchasing an additional 1,837 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Illinois Tool Works were worth $67,250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Modern Wealth Management LLC lifted its holdings in shares of Illinois Tool Works by 8.3% during the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after buying an additional 65 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in Illinois Tool Works by 39.5% during the second quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after acquiring an additional 19,102 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Illinois Tool Works by 17.3% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 17,987 shares of the industrial products company’s stock valued at $4,447,000 after acquiring an additional 2,647 shares during the last quarter. Swiss National Bank grew its position in Illinois Tool Works by 1.3% in the second quarter. Swiss National Bank now owns 844,000 shares of the industrial products company’s stock worth $208,679,000 after acquiring an additional 11,200 shares in the last quarter. Finally, Nordea Investment Management AB grew its position 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 worth $9,605,000 after acquiring an additional 3,388 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction on 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 completion of the transaction, 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 Securities & Exchange Commission, which is available through this link. Also, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This trade represents a 3.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.1%

Shares of NYSE:ITW opened at $249.23 on Friday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The stock’s 50-day moving average is $249.76 and its 200-day moving average is $253.19. The company has a market cap of $72.30 billion, a P/E ratio of 24.17, a P/E/G ratio of 4.10 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $278.98.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.09. The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.91 EPS. 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 earnings per share 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. Stockholders of record on Wednesday, December 31st will be paid a $1.61 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 62.46%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Evercore ISI lowered their target price on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research report on Monday, November 17th. The Goldman Sachs Group set a $258.00 price target on Illinois Tool Works in a research report on Monday, October 27th. Wells Fargo & Company decreased their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Monday, October 27th. Finally, Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Reduce” and an average price target of $263.77.

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.