Hilltop National Bank Invests $829,000 in Illinois Tool Works Inc. $ITW

Key Points

• Hilltop National Bank has invested approximately $829,000 in Illinois Tool Works Inc., acquiring 3,353 shares of the company during the second quarter.
• Analysts have adjusted their price targets for Illinois Tool Works, with estimates ranging from $243 to $265, while the stock currently has a consensus rating of "Reduce."
• Illinois Tool Works recently increased its quarterly dividend to $1.61 per share, resulting in an annualized dividend of $6.44 and a dividend yield of 2.5%.

Hilltop National Bank acquired a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,353 shares of the industrial products company's stock, valued at approximately $829,000.

A number of other institutional investors have also made changes to their positions in the business. Bank & Trust Co increased its stake in shares of Illinois Tool Works by 0.4% in the second quarter. Bank & Trust Co now owns 10,215 shares of the industrial products company's stock worth $2,526,000 after purchasing an additional 39 shares during the period. TFG Advisers LLC increased its stake in Illinois Tool Works by 0.5% during the second quarter. TFG Advisers LLC now owns 8,461 shares of the industrial products company's stock valued at $2,092,000 after acquiring an additional 42 shares during the period. Clearstead Trust LLC increased its stake in Illinois Tool Works by 0.9% during the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock valued at $1,180,000 after acquiring an additional 43 shares during the period. Northern Financial Advisors Inc increased its stake in Illinois Tool Works by 1.9% during the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock valued at $582,000 after acquiring an additional 44 shares during the period. Finally, Aspen Investment Management Inc increased its stake in Illinois Tool Works by 0.7% during the first quarter. Aspen Investment Management Inc now owns 6,236 shares of the industrial products company's stock valued at $1,547,000 after acquiring an additional 45 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ITW has been the topic of several research reports. UBS Group boosted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Barclays boosted their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Wells Fargo & Company boosted their price target on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Finally, Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Stock Up 0.2%

NYSE ITW opened at $260.51 on Friday. 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's 50 day moving average is $261.47 and its two-hundred day moving average is $251.01. The company has a market capitalization of $75.94 billion, a price-to-earnings ratio of 22.83, a PEG ratio of 5.61 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.56 by $0.02. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate 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 revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.54 EPS. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio (DPR) is presently 56.44%.

Insider Activity at Illinois Tool Works

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the business's stock in a transaction that occurred on 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 transaction, the chief accounting officer directly owned 10,314 shares of the company's stock, valued at $2,734,035.12. The trade was a 39.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by insiders.

About Illinois Tool Works

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.

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.