Public Employees Retirement System of Ohio Sells 1,517 Shares of Illinois Tool Works Inc. $ITW

Key Points

• The Public Employees Retirement System of Ohio has reduced its stake in Illinois Tool Works Inc. by 1.2%, now holding 123,911 shares valued at approximately $30.64 million.
• Insider selling was noted as CAO Randall J. Scheuneman sold 6,802 shares for over $1.8 million, reducing his ownership in the company by nearly 40%.
• Analysts have set varied price targets for Illinois Tool Works, with the consensus resting at approximately $260.67 and several ratings indicating a "Hold" status.

Public Employees Retirement System of Ohio lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,911 shares of the industrial products company's stock after selling 1,517 shares during the period. Public Employees Retirement System of Ohio's holdings in Illinois Tool Works were worth $30,637,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Illinois Tool Works by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock worth $627,176,000 after buying an additional 11,854 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Illinois Tool Works by 0.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,072,473 shares of the industrial products company's stock worth $513,994,000 after acquiring an additional 13,354 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Illinois Tool Works by 26,372.8% during the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after acquiring an additional 2,057,872 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Illinois Tool Works by 4.7% during the first quarter. Invesco Ltd. now owns 2,034,929 shares of the industrial products company's stock valued at $504,683,000 after acquiring an additional 91,359 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Illinois Tool Works by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company's stock worth $435,508,000 after purchasing an additional 45,316 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the company's stock in a transaction dated 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 completion of the sale, the chief accounting officer owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Evercore ISI set a $265.00 price target on shares of Illinois Tool Works and gave the company an "underperform" rating in a research report on Tuesday, August 19th. Barclays upped their price objective on 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. 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 report on Thursday, July 31st. Finally, Citigroup increased their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $260.67.

Illinois Tool Works Stock Down 0.6%

Illinois Tool Works stock opened at $259.61 on Thursday. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The stock has a fifty day moving average of $261.30 and a 200 day moving average of $250.82. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The stock has a market cap of $75.68 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 5.63 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the company posted $2.54 EPS. The business's quarterly 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. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS 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. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is 52.59%.

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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