Illinois Tool Works Inc. $ITW Shares Sold by Meiji Yasuda Asset Management Co Ltd.

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its stake in Illinois Tool Works Inc. by 9.3%, holding 33,208 shares valued at approximately $8.24 million after selling 3,387 shares in the first quarter.
• Despite this reduction, other institutional investors such as Trust Co of the South and Deseret Mutual Benefit Administrators have increased their positions in Illinois Tool Works.
• Illinois Tool Works announced an increase in its quarterly dividend to $1.61 per share, representing an annual yield of 2.4%, with the payout ratio currently at 52.59%.

Meiji Yasuda Asset Management Co Ltd. lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,208 shares of the industrial products company's stock after selling 3,387 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Illinois Tool Works were worth $8,236,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Trust Co of the South increased its holdings in shares of Illinois Tool Works by 2.9% in the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 42 shares in the last quarter. Clearstead Trust LLC grew its holdings in shares of 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 worth $1,180,000 after buying an additional 43 shares in the last quarter. Northern Financial Advisors Inc grew its holdings in shares of 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 worth $582,000 after buying an additional 44 shares in the last quarter. Integrated Advisors Network LLC boosted its position in shares of Illinois Tool Works by 0.8% in the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after acquiring an additional 45 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its position in shares of Illinois Tool Works by 3.3% in the first quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock worth $355,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW stock traded down $2.96 during trading on Friday, hitting $263.41. The company had a trading volume of 668,429 shares, compared to its average volume of 1,066,470. The firm has a market capitalization of $76.78 billion, a price-to-earnings ratio of 23.09, a P/E/G ratio of 5.66 and a beta of 1.10. The business has a 50 day moving average of $260.58 and a 200 day moving average of $250.89. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, research analysts predict 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. Shareholders 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 dividend payout ratio is currently 52.59%.

Analyst Ratings Changes

A number of research analysts have weighed in on ITW shares. Barclays lifted 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 research report on Monday, August 4th. Stifel Nicolaus lifted 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. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a research note on Thursday, July 31st. Finally, Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. One equities 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target 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.