Westpac Banking Corp bought a new stake in Illinois Tool Works Inc. (NYSE:ITW – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,267 shares of the industrial products company’s stock, valued at approximately $6,563,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ITW. Vanguard Group Inc. grew its position in Illinois Tool Works by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 26,887,218 shares of the industrial products company’s stock worth $6,622,322,000 after purchasing an additional 189,229 shares in the last quarter. BlackRock Inc. bought a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $6,296,349,000. State Street Corp boosted its stake in shares of Illinois Tool Works by 1.2% in the 4th quarter. State Street Corp now owns 12,596,511 shares of the industrial products company’s stock worth $3,122,535,000 after buying an additional 151,864 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Illinois Tool Works by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 6,944,651 shares of the industrial products company’s stock valued at $1,709,734,000 after acquiring an additional 184,301 shares in the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of Illinois Tool Works by 3.2% in the fourth quarter. Capital Research Global Investors now owns 4,636,392 shares of the industrial products company’s stock valued at $1,141,948,000 after acquiring an additional 142,837 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on ITW. Robert W. Baird lifted their price target on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Wolfe Research restated an “underperform” rating and issued a $286.00 price objective on shares of Illinois Tool Works in a research note on Thursday, July 9th. UBS Group reiterated a “neutral” rating and set a $300.00 target price on shares of Illinois Tool Works in a research note on Wednesday, July 29th. Weiss Ratings raised shares of Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $254.00 price objective on shares of Illinois Tool Works in a report on Thursday, April 30th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $281.25.
Insider Buying and Selling
In other news, Director Jennifer F. Scanlon acquired 806 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were acquired at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the purchase, the director owned 1,652 shares of the company’s stock, valued at approximately $409,679.48. The trade was a 95.27% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ernest Scott Santi sold 41,431 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the sale, the director directly owned 266,288 shares in the company, valued at approximately $76,448,621.92. This trade represents a 13.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.83% of the stock is currently owned by insiders.
Illinois Tool Works Price Performance
Illinois Tool Works stock opened at $282.23 on Friday. The business’s 50 day simple moving average is $278.00 and its 200 day simple moving average is $271.50. Illinois Tool Works Inc. has a 12 month low of $238.82 and a 12 month high of $303.15. The company has a market cap of $80.38 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 4.78 and a beta of 0.99. The company has a current ratio of 1.11, a quick ratio of 0.81 and a debt-to-equity ratio of 2.26.
Illinois Tool Works (NYSE:ITW – Get Free Report) last released its earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.19 billion. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business posted $2.58 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 11.45 EPS for the current year.
Illinois Tool Works Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be issued a $1.72 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.61. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.88 annualized dividend and a yield of 2.4%. Illinois Tool Works’s payout ratio is 58.39%.
Illinois Tool Works Company 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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