Sterling Capital Management LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 12.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,746 shares of the industrial products company’s stock after selling 3,020 shares during the quarter. Sterling Capital Management LLC’s holdings in Illinois Tool Works were worth $5,595,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Continuum Advisory LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at $29,000. Physician Wealth Advisors Inc. lifted its holdings in shares of Illinois Tool Works by 77.8% during the third quarter. Physician Wealth Advisors Inc. now owns 112 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 49 shares during the period. Abound Wealth Management grew its stake in shares of Illinois Tool Works by 178.6% in the second quarter. Abound Wealth Management now owns 117 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 75 shares during the last quarter. Wilkerson Advisory Group LLC grew its stake in shares of Illinois Tool Works by 77.6% in the first quarter. Wilkerson Advisory Group LLC now owns 119 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 52 shares during the last quarter. Finally, Tacita Capital Inc acquired a new stake in Illinois Tool Works in the second quarter valued at $32,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Illinois Tool Works
In related news, CAO Matteo C. Pigozzo sold 277 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total transaction of $80,113.94. Following the transaction, the chief accounting officer directly owned 3,394 shares of the company’s stock, valued at $981,612.68. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ernest Santi sold 41,431 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the transaction, the director directly owned 266,288 shares in the company, valued at approximately $76,448,621.92. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.83% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the company. Truist Financial lowered their target price on Illinois Tool Works from $308.00 to $297.00 and set a “hold” rating for the company in a research report on Monday, October 5th. Citigroup reaffirmed a “neutral” rating on shares of Illinois Tool Works in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reduced their price target on Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating on the stock in a research report on Wednesday, September 30th. Wolfe Research reissued an “underperform” rating and issued a $286.00 price target on shares of Illinois Tool Works in a research note on Thursday, July 9th. Finally, Robert W. Baird raised their price objective on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $273.42.
Illinois Tool Works Stock Down 1.2%
Shares of Illinois Tool Works stock opened at $275.80 on Friday. The stock’s 50-day moving average is $271.82 and its 200 day moving average is $268.97. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The firm has a market cap of $78.55 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 2.98 and a beta of 0.96. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.11 and a quick ratio of 0.81.
Illinois Tool Works (NYSE:ITW – Get Free Report) last issued its earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share 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 firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.58 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 11.42 EPS for the current year.
Illinois Tool Works Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.72 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.61. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $6.88 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works’s payout ratio is 62.38%.
About Illinois Tool Works
Illinois Tool Works Inc (NYSE: ITW) is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.
ITW’s operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.
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