Illinois Tool Works Inc. $ITW Position Cut by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 21.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,373,661 shares of the industrial products company's stock after selling 631,998 shares during the quarter. Bank of America Corp DE owned 0.83% of Illinois Tool Works worth $642,004,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Port Capital LLC bought a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $434,000. Caisse de depot et placement du Quebec bought a new position in shares of Illinois Tool Works in the second quarter valued at approximately $103,701,000. Odyssean LLC acquired a new position in shares of Illinois Tool Works during the second quarter valued at approximately $875,000. Man Group plc acquired a new position in shares of Illinois Tool Works during the second quarter valued at approximately $14,293,000. Finally, Western Wealth Management LLC bought a new stake in Illinois Tool Works during the second quarter worth approximately $309,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In related news, Director Ernest Santi sold 41,431 shares of Illinois Tool Works stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total value of $11,894,425.79. Following the transaction, the director owned 266,288 shares of the company's stock, valued at approximately $76,448,621.92. This trade represents a 13.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Matteo Pigozzo sold 277 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $289.22, for a total value of $80,113.94. Following the sale, the chief accounting officer owned 3,394 shares in the company, valued at approximately $981,612.68. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.83% of the company's stock.

Illinois Tool Works Trading Down 0.2%

Illinois Tool Works stock opened at $268.42 on Wednesday. The firm has a market cap of $76.45 billion, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 3.65 and a beta of 0.98. Illinois Tool Works Inc. has a 1 year low of $238.82 and a 1 year high of $303.15. The firm's 50 day moving average price is $279.91 and its two-hundred day moving average price is $269.13. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.81 and a current ratio of 1.11.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $2.84 EPS for the quarter, beating 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%.The company's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.58 EPS. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. On average, research analysts predict that Illinois Tool Works Inc. will post 11.43 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a $1.72 dividend. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.61. The ex-dividend date is Wednesday, September 30th. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.6%. Illinois Tool Works's dividend payout ratio is 58.39%.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research reports. Citigroup reaffirmed a "neutral" rating on shares of Illinois Tool Works in a research note on Monday, July 13th. Wolfe Research reissued an "underperform" rating and issued a $286.00 price objective on shares of Illinois Tool Works in a research note on Thursday, July 9th. UBS Group restated a "neutral" rating and issued a $300.00 price objective on shares of Illinois Tool Works in a report on Wednesday, July 29th. Truist Financial lifted their target price on Illinois Tool Works from $280.00 to $301.00 and gave the stock a "hold" rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $310.00 to $350.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of "Reduce" and a consensus price target of $281.25.

About Illinois Tool Works

Illinois Tool Works Inc NYSE: ITW is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and related solutions for businesses worldwide. Its products are used across industries including automotive, food service, construction, electronics, welding and general manufacturing.

The company operates through several business segments, including Automotive, Food Equipment, Test & Measurement and Electronics, Welding, Polymers & Fluids, Construction Products, and Specialty Products.

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