Illinois Tool Works Inc. $ITW Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Illinois Tool Works by 9.0%, now holding 97,263 shares valued at approximately $24.12 million.
• Illinois Tool Works recently announced an increase in its quarterly dividend from $1.50 to $1.61, reflecting a yield of 2.5% and a payout ratio of 52.59%.
• Several analysts have adjusted their target prices for the company, with Evercore ISI lowering it to $249 and others providing mixed ratings ranging from "underperform" to "buy."

State of New Jersey Common Pension Fund D trimmed its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,263 shares of the industrial products company's stock after selling 9,577 shares during the period. State of New Jersey Common Pension Fund D's holdings in Illinois Tool Works were worth $24,122,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Illinois Tool Works by 5.3% during the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after acquiring an additional 277 shares during the period. Bridgewater Associates LP purchased a new position in shares of Illinois Tool Works during the 4th quarter worth about $1,310,000. Jump Financial LLC lifted its holdings in shares of Illinois Tool Works by 132.2% during the 4th quarter. Jump Financial LLC now owns 2,006 shares of the industrial products company's stock worth $509,000 after acquiring an additional 1,142 shares during the period. Farringdon Capital Ltd. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth about $243,000. Finally, Front Street Capital Management Inc. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth about $127,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.0%

NYSE ITW traded down $0.0250 during mid-day trading on Thursday, hitting $261.9950. The company's stock had a trading volume of 374,427 shares, compared to its average volume of 1,085,350. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The stock's fifty day simple moving average is $254.69 and its two-hundred day simple moving average is $250.22. The firm has a market capitalization of $76.37 billion, a P/E ratio of 22.94, a price-to-earnings-growth ratio of 5.69 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the company earned $2.54 earnings per share. Illinois Tool Works's revenue for the quarter was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 annualized dividend and a yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is 52.59%.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ITW has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Barclays raised their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Citigroup raised their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, UBS Group raised their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently 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.