Allspring Global Investments Holdings LLC Increases Stock Holdings in Illinois Tool Works Inc. $ITW

Allspring Global Investments Holdings LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% in the second quarter, Holdings Channel.com reports. The fund owned 31,183 shares of the industrial products company’s stock after buying an additional 725 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $7,958,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works during the first quarter valued at about $26,000. SOA Wealth Advisors LLC. grew its position in Illinois Tool Works by 90.9% during the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Saudi Central Bank purchased a new stake in Illinois Tool Works during the first quarter valued at about $29,000. 1248 Management LLC purchased a new stake in Illinois Tool Works during the first quarter valued at about $30,000. Finally, Banque Transatlantique SA purchased a new stake in Illinois Tool Works during the first quarter valued at about $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ITW. Barclays boosted their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Wednesday, October 8th. Finally, UBS Group boosted their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Reduce” and a consensus target price of $262.83.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was 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 of the company’s stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 1.0%

Shares of NYSE ITW opened at $249.46 on Monday. The stock’s 50 day moving average price is $260.15 and its two-hundred day moving average price is $250.93. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock has a market capitalization of $72.72 billion, a P/E ratio of 21.86, a PEG ratio of 5.52 and a beta of 1.10. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the prior year, the firm posted $2.54 earnings per share. Illinois Tool Works’s revenue for the quarter was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, 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 announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th were issued a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 56.44%.

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.