Madison Asset Management LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 79,669 shares of the industrial products company’s stock, valued at approximately $21,548,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after buying an additional 277 shares during the last quarter. Bison Wealth LLC raised its stake in Illinois Tool Works by 2.3% in the 4th quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company’s stock worth $901,000 after acquiring an additional 81 shares during the last quarter. Sivia Capital Partners LLC lifted its position in Illinois Tool Works by 20.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,038 shares of the industrial products company’s stock worth $257,000 after acquiring an additional 177 shares during the period. Sei Investments Co. lifted its position in Illinois Tool Works by 22.0% during the 2nd quarter. Sei Investments Co. now owns 106,784 shares of the industrial products company’s stock worth $26,401,000 after acquiring an additional 19,248 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in Illinois Tool Works by 2.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 136,884 shares of the industrial products company’s stock valued at $33,845,000 after purchasing an additional 2,890 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Jennifer F. Scanlon purchased 806 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were purchased at an average price of $247.99 per share, with a total value of $199,879.94. Following the purchase, the director owned 1,652 shares of the company’s stock, valued at $409,679.48. The trade was a 95.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Matteo C. Pigozzo sold 277 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $289.22, for a total transaction of $80,113.94. Following the completion of the sale, the chief accounting officer directly owned 3,394 shares of the company’s stock, valued at approximately $981,612.68. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.83% of the stock is owned by insiders.
Illinois Tool Works Stock Down 0.2%
Illinois Tool Works (NYSE:ITW – Get Free Report) last posted its earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Illinois Tool Works had a net margin of 19.39% and a return on equity of 101.72%. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.19 billion. During the same period in the prior year, the company posted $2.58 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 11.45 earnings per share for the current year.
Illinois Tool Works Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a $1.72 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.61. This represents a $6.88 annualized dividend and a yield of 2.4%. Illinois Tool Works’s dividend payout ratio is 58.39%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on ITW. Wells Fargo & Company raised their price objective on Illinois Tool Works from $245.00 to $255.00 and gave the stock an “underweight” rating in a research note on Monday, May 4th. Truist Financial upped their target price on Illinois Tool Works from $280.00 to $301.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Weiss Ratings upgraded shares of Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. UBS Group reaffirmed a “neutral” rating and issued a $300.00 price objective on shares of Illinois Tool Works in a report on Wednesday, July 29th. Finally, Citigroup reiterated a “neutral” rating on shares of Illinois Tool Works in a research note on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $281.25.
Get Our Latest Report on Illinois Tool Works
Illinois Tool Works Profile
Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.
The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.
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