UMB Bank n.a. Has $10.90 Million Stake in Illinois Tool Works Inc. $ITW

Key Points

• UMB Bank n.a. increased its stake in Illinois Tool Works by 2.3%, owning a total of 44,068 shares valued at approximately $10.9 million as of the latest quarter.
• The company announced a quarterly dividend increase from $1.50 to $1.61 per share, representing a 2.5% yield based on its annualized payout.
• Illinois Tool Works reported earnings per share of $2.58 for the last quarter, exceeding analysts' expectations by $0.02, with revenue growing by 0.6% year-over-year.

UMB Bank n.a. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,068 shares of the industrial products company's stock after acquiring an additional 971 shares during the quarter. UMB Bank n.a.'s holdings in Illinois Tool Works were worth $10,896,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Global X Japan Co. Ltd. boosted its holdings in Illinois Tool Works by 8.3% in the second quarter. Global X Japan Co. Ltd. now owns 2,523 shares of the industrial products company's stock valued at $624,000 after purchasing an additional 193 shares in the last quarter. TCV Trust & Wealth Management Inc. boosted its stake in shares of Illinois Tool Works by 47.6% in the second quarter. TCV Trust & Wealth Management Inc. now owns 4,580 shares of the industrial products company's stock valued at $1,132,000 after buying an additional 1,477 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in Illinois Tool Works by 1.3% in the second quarter. IFM Investors Pty Ltd now owns 53,998 shares of the industrial products company's stock valued at $13,351,000 after acquiring an additional 709 shares during the period. Clare Market Investments LLC acquired a new stake in shares of Illinois Tool Works in the second quarter valued at about $789,000. Finally, Exchange Traded Concepts LLC raised its holdings in Illinois Tool Works by 6.8% during the second quarter. Exchange Traded Concepts LLC now owns 4,933 shares of the industrial products company's stock worth $1,220,000 after purchasing an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Citigroup increased their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research note on Thursday, July 31st. Barclays upped their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Stock Down 0.2%

Illinois Tool Works stock traded down $0.59 during trading hours on Tuesday, hitting $260.31. The company had a trading volume of 390,403 shares, compared to its average volume of 1,059,799. The firm has a market capitalization of $75.88 billion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 5.65 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The firm's fifty day moving average is $261.15 and its 200-day moving average is $250.69. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

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

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.59%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction 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. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by company 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.