Bank of Nova Scotia Acquires Shares of 28,267 Illinois Tool Works Inc. $ITW

Bank of Nova Scotia bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 28,267 shares of the industrial products company's stock, valued at approximately $7,645,000.

Several other large investors also recently added to or reduced their stakes in ITW. Hudson Portfolio Management LLC acquired a new stake in Illinois Tool Works during the second quarter worth about $585,000. Compass Financial Management LLC acquired a new stake in Illinois Tool Works during the second quarter worth $697,000. Elevation Point Wealth Partners LLC purchased a new stake in Illinois Tool Works in the second quarter valued at $1,063,000. Alta Advisers Ltd acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at $276,000. Finally, Daiichi Life Insurance Co. Ltd. purchased a new stake in Illinois Tool Works in the 2nd quarter valued at about $4,130,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $283.97 on Tuesday. Illinois Tool Works Inc. has a 12 month low of $238.82 and a 12 month high of $303.15. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.11 and a quick ratio of 0.81. The firm has a market capitalization of $80.88 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 4.77 and a beta of 0.99. The business's fifty day moving average price is $278.43 and its 200 day moving average price is $271.59.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly 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 company 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%.Illinois Tool Works's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.58 EPS. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 11.45 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $1.72 dividend. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.61. Illinois Tool Works's dividend payout ratio (DPR) is currently 58.39%.

Insider Activity

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 value 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 trade represents a 7.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ernest Scott Santi sold 41,431 shares of Illinois Tool Works 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 sale, the director owned 266,288 shares in the company, valued at $76,448,621.92. This represents a 13.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.83% of the company's stock.

Analysts Set New Price Targets

ITW has been the subject of several research analyst reports. Citigroup reaffirmed a "neutral" rating on shares of Illinois Tool Works in a research note on Monday, July 13th. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $278.00 to $297.00 and gave the company a "neutral" rating 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 research report on Tuesday, August 11th. Evercore dropped their target price on shares of Illinois Tool Works from $296.00 to $272.00 in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $310.00 to $350.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $281.25.

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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