2,230,067 Shares in Illinois Tool Works Inc. $ITW Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp purchased a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,230,067 shares of the industrial products company's stock, valued at approximately $603,166,000. Bank of New York Mellon Corp owned approximately 0.78% of Illinois Tool Works at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ITW. Meridian Wealth Management LLC increased its stake in shares of Illinois Tool Works by 1.3% in the fourth quarter. Meridian Wealth Management LLC now owns 2,818 shares of the industrial products company's stock worth $694,000 after purchasing an additional 37 shares during the period. Winnow Wealth LLC boosted its holdings in shares of Illinois Tool Works by 1.0% in the fourth quarter. Winnow Wealth LLC now owns 3,809 shares of the industrial products company's stock valued at $941,000 after buying an additional 37 shares during the period. Crown Wealth Group LLC raised its stake in shares of Illinois Tool Works by 4.0% in the 1st quarter. Crown Wealth Group LLC now owns 953 shares of the industrial products company's stock valued at $248,000 after purchasing an additional 37 shares during the period. Concord Asset Management LLC VA increased its position in shares of Illinois Tool Works by 1.1% during the 4th quarter. Concord Asset Management LLC VA now owns 3,591 shares of the industrial products company's stock worth $884,000 after purchasing an additional 39 shares during the last quarter. Finally, Planning Alternatives Ltd. ADV increased its holdings in shares of Illinois Tool Works by 2.6% in the fourth quarter. Planning Alternatives Ltd. ADV now owns 1,558 shares of the industrial products company's stock valued at $384,000 after purchasing an additional 39 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.2%

NYSE:ITW opened at $282.23 on Friday. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The business has a fifty day moving average price of $278.00 and a 200-day moving average price of $271.50. The firm has a market capitalization of $80.38 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 4.78 and a beta of 0.99. 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 posted its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.19 billion. During the same quarter in the previous year, the business earned $2.58 EPS. Illinois Tool Works's revenue was up 6.1% compared to the same quarter last year. 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 business also recently declared 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 a boost from Illinois Tool Works's previous quarterly dividend of $1.61. This represents a $6.88 dividend on an annualized basis and a yield of 2.4%. Illinois Tool Works's dividend payout ratio is presently 58.39%.

Insider Buying and Selling

In other 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 bought at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the completion of the transaction, the director owned 1,652 shares in the company, valued at $409,679.48. This represents a 95.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ernest Scott Santi sold 41,431 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $287.09, for a total value of $11,894,425.79. Following the completion of the sale, the director directly owned 266,288 shares in the company, valued at approximately $76,448,621.92. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ITW. Evercore decreased their price objective on shares of Illinois Tool Works from $296.00 to $272.00 in a research note on Monday, May 11th. Truist Financial upped their price target 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. UBS Group reissued a "neutral" rating and issued a $300.00 price target on shares of Illinois Tool Works in a research note on Wednesday, July 29th. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $245.00 to $255.00 and gave the stock an "underweight" rating in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $310.00 to $350.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $281.25.

About Illinois Tool Works

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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