Eastern Bank Trims Holdings in Illinois Tool Works Inc. $ITW

Eastern Bank trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,845 shares of the industrial products company’s stock after selling 162 shares during the quarter. Eastern Bank’s holdings in Illinois Tool Works were worth $1,940,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in Illinois Tool Works by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company’s stock worth $627,176,000 after acquiring an additional 11,854 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Illinois Tool Works by 0.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company’s stock worth $513,994,000 after acquiring an additional 13,354 shares in the last quarter. Invesco Ltd. grew its holdings in Illinois Tool Works by 4.7% during the 1st quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company’s stock valued at $504,683,000 after buying an additional 91,359 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Illinois Tool Works by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company’s stock valued at $435,508,000 after buying an additional 45,316 shares in the last quarter. Finally, Amundi grew its holdings in Illinois Tool Works by 1.1% during the 1st quarter. Amundi now owns 1,599,648 shares of the industrial products company’s stock valued at $383,828,000 after buying an additional 17,119 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. 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 report on Thursday, July 31st. Truist Financial increased their price objective on shares of Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an “underweight” rating in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft increased their price objective 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. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Illinois Tool Works in a report on Wednesday. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $262.83.

Insider Transactions at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. This trade represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Trading Down 1.4%

ITW stock opened at $244.79 on Friday. The firm has a fifty day moving average price of $261.04 and a 200 day moving average price of $250.93. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The firm has a market cap of $71.36 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 5.41 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were given a $1.61 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio is 56.44%.

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.