US Bancorp DE Sells 7,685 Shares of Illinois Tool Works Inc. $ITW

Key Points

• US Bancorp DE reduced its holdings in Illinois Tool Works by 2.9%, selling 7,685 shares, and now owns 0.09% of the company, valued at approximately $63.4 million.
• Illinois Tool Works is seeing increased investor interest, with several institutional investors significantly boosting their holdings in the second quarter, including Trifecta Capital Advisors which increased its holdings by 10,500%.
• The company has increased its quarterly dividend from $1.50 to $1.61 per share, reflecting a dividend yield of 2.6%, with the next payment scheduled for October 10th.

US Bancorp DE lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 256,389 shares of the industrial products company's stock after selling 7,685 shares during the period. US Bancorp DE owned 0.09% of Illinois Tool Works worth $63,393,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the company. Trifecta Capital Advisors LLC boosted its holdings in shares of Illinois Tool Works by 10,500.0% during the second quarter. Trifecta Capital Advisors LLC now owns 1,060 shares of the industrial products company's stock worth $262,000 after acquiring an additional 1,050 shares during the period. Windle Wealth LLC boosted its holdings in shares of Illinois Tool Works by 3.9% during the second quarter. Windle Wealth LLC now owns 28,793 shares of the industrial products company's stock worth $7,119,000 after acquiring an additional 1,073 shares during the period. Maryland State Retirement & Pension System boosted its holdings in shares of Illinois Tool Works by 4.1% during the second quarter. Maryland State Retirement & Pension System now owns 14,242 shares of the industrial products company's stock worth $3,521,000 after acquiring an additional 556 shares during the period. Massachusetts Wealth Management boosted its holdings in shares of Illinois Tool Works by 1.1% during the second quarter. Massachusetts Wealth Management now owns 7,634 shares of the industrial products company's stock worth $1,888,000 after acquiring an additional 85 shares during the period. Finally, Eagle Strategies LLC boosted its holdings in shares of Illinois Tool Works by 10.9% during the second quarter. Eagle Strategies LLC now owns 1,279 shares of the industrial products company's stock worth $316,000 after acquiring an additional 126 shares during the period. Institutional investors own 79.77% of the company's stock.

Insider Buying and Selling

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total transaction of $1,803,074.16. Following the completion of the transaction, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Citigroup boosted their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Evercore ISI set a $265.00 price target on Illinois Tool Works and gave the company an "underperform" rating in a research note on Tuesday, August 19th. Weiss Ratings reiterated a "buy (b)" rating on shares of Illinois Tool Works in a research note on Wednesday. Finally, Truist Financial boosted their price target on Illinois Tool Works from $283.00 to $298.00 and gave the company a "hold" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Reduce" and an average target price of $262.83.

Illinois Tool Works Stock Down 1.8%

Shares of ITW opened at $248.19 on Friday. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The company has a market cap of $72.35 billion, a P/E ratio of 21.75, a P/E/G ratio of 5.59 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $261.18 and a two-hundred day simple moving average of $251.04.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 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 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 business earned $2.54 earnings per share. The company's 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. Research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal 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 dividend of $1.61 per share. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 56.44%.

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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