Canandaigua National Bank & Trust Co. Purchases 1,212 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Canandaigua National Bank & Trust Co. increased its holdings in Illinois Tool Works Inc. by 25.6%, purchasing an additional 1,212 shares during the second quarter, bringing its total to 5,949 shares valued at approximately $1,471,000.
• Illinois Tool Works declared a quarterly dividend of $1.61 per share, which is a notable increase from the previous $1.50, resulting in an annualized yield of 2.4%.
• Insider trading report shows CAO Randall J. Scheuneman sold 6,802 shares at an average price of $265.08, reducing their position by 39.74%.

Canandaigua National Bank & Trust Co. raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 25.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,949 shares of the industrial products company's stock after purchasing an additional 1,212 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in Illinois Tool Works were worth $1,471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Illinois Tool Works by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock valued at $627,176,000 after purchasing an additional 11,854 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Illinois Tool Works by 0.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company's stock valued at $513,994,000 after purchasing an additional 13,354 shares in the last quarter. GAMMA Investing LLC raised its position in Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Illinois Tool Works by 11.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock valued at $522,110,000 after acquiring an additional 209,671 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Illinois Tool Works by 4.7% in the 1st quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company's stock valued at $504,683,000 after acquiring an additional 91,359 shares during the period. 79.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the transaction, the chief accounting officer owned 10,314 shares of the company's stock, valued at approximately $2,734,035.12. This represents a 39.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $263.91 on Tuesday. The stock has a market capitalization of $76.93 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 5.68 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The stock has a 50-day moving average of $260.87 and a 200 day moving average of $250.74.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The company had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.Illinois Tool Works's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is currently 52.59%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITW. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a report on Thursday, July 31st. UBS Group lifted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an "underperform" rating in a report on Tuesday, August 19th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Finally, Barclays boosted their target price on Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Reduce" and a consensus target price of $260.67.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.

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