Penobscot Investment Management Company Inc. Reduces Stock Position in Illinois Tool Works Inc. $ITW

Key Points

• Penobscot Investment Management Company Inc. has reduced its stake in Illinois Tool Works Inc. by 5.3%, now holding 26,567 shares valued at approximately $6.57 million.
• Illinois Tool Works announced an increase in its quarterly dividend from $1.50 to $1.61, providing a dividend yield of 2.5%.
• The company reported a fiscal year 2025 EPS guidance of 10.350-10.550, with analysts predicting an average EPS of 10.39 for the current year.

Penobscot Investment Management Company Inc. trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,567 shares of the industrial products company's stock after selling 1,480 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Illinois Tool Works were worth $6,569,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in shares of Illinois Tool Works in the first quarter valued at $26,000. SOA Wealth Advisors LLC. grew its holdings in Illinois Tool Works by 90.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company's stock valued at $26,000 after buying an additional 50 shares in the last quarter. Saudi Central Bank bought a new stake in shares of Illinois Tool Works during the first quarter valued at about $29,000. 1248 Management LLC purchased a new stake in shares of Illinois Tool Works in the first quarter worth about $30,000. Finally, Banque Transatlantique SA bought a new position in shares of Illinois Tool Works in the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Down 0.2%

ITW stock opened at $260.19 on Friday. The company has a market capitalization of $75.85 billion, a PE ratio of 22.80, a price-to-earnings-growth ratio of 5.62 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company's 50 day moving average price is $261.43 and its two-hundred day moving average price is $251.05.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data 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. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the business earned $2.54 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. As a group, analysts predict 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. Investors of record on Tuesday, September 30th will be paid a $1.61 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works's payout ratio is 56.44%.

Insiders Place Their Bets

In other news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works 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 sale, the chief accounting officer directly owned 10,314 shares in the company, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Citigroup increased their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Barclays boosted their target price on Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Stifel Nicolaus raised their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company lifted their price target on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Two equities research analysts have 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.com, the company has a consensus rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Company 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.

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