Texas Permanent School Fund Corp Sells 10,092 Shares of Illinois Tool Works Inc. $ITW

Texas Permanent School Fund Corp lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 35.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,721 shares of the industrial products company’s stock after selling 10,092 shares during the period. Texas Permanent School Fund Corp’s holdings in Illinois Tool Works were worth $4,629,000 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% in the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock worth $210,000 after acquiring an additional 65 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in Illinois Tool Works by 39.5% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock worth $16,674,000 after purchasing an additional 19,102 shares during the period. Level Four Advisory Services LLC lifted its stake in Illinois Tool Works by 16.3% in the second quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock worth $2,888,000 after purchasing an additional 1,638 shares during the last quarter. Swiss National Bank boosted its position in Illinois Tool Works by 1.3% during the second quarter. Swiss National Bank now owns 844,000 shares of the industrial products company’s stock valued at $208,679,000 after buying an additional 11,200 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Illinois Tool Works by 12.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,797,055 shares of the industrial products company’s stock valued at $938,822,000 after buying an additional 415,982 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft increased their target price on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Barclays increased their price objective on Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research note on Monday, October 27th. Wells Fargo & Company decreased their target price 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Friday, October 31st. Finally, Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $255.00 in a research report on Tuesday, November 18th. 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. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $259.25.

Insider Activity

In other news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the transaction, the director owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $252.42 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. The firm’s fifty day simple moving average is $247.75 and its 200 day simple moving average is $253.71. The stock has a market cap of $73.23 billion, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 11.16 and a beta of 1.14. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $278.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 24th. The industrial products company reported $2.81 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 firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same period last year, the company posted $3.91 EPS. 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. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

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