Montecito Bank & Trust Buys New Position in Illinois Tool Works Inc. $ITW

Montecito Bank & Trust bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, HoldingsChannel reports. The institutional investor bought 7,027 shares of the industrial products company’s stock, valued at approximately $1,832,000.

A number of other hedge funds have also recently modified their holdings of the business. Modern Wealth Management LLC lifted its holdings in Illinois Tool Works by 8.3% during the first quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock valued at $210,000 after purchasing an additional 65 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Illinois Tool Works by 39.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after purchasing an additional 19,102 shares during the period. Level Four Advisory Services LLC raised its position in shares of Illinois Tool Works by 16.3% during the 2nd quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock valued at $2,888,000 after purchasing an additional 1,638 shares during the period. Swiss National Bank boosted its holdings in Illinois Tool Works by 1.3% in the 2nd quarter. Swiss National Bank now owns 844,000 shares of the industrial products company’s stock worth $208,679,000 after buying an additional 11,200 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in Illinois Tool Works by 12.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,797,055 shares of the industrial products company’s stock worth $938,822,000 after buying an additional 415,982 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Monday, October 27th. Evercore ISI decreased their target price on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Robert W. Baird set a $265.00 price target on Illinois Tool Works in a research note on Monday, October 27th. Barclays lifted their price objective on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research report on Monday, October 27th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Reduce” and a consensus price target of $259.25.

Insider Activity at Illinois Tool Works

In related news, Director Pamela B. Strobel sold 1,521 shares of Illinois Tool Works stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the transaction, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 0.7%

NYSE ITW opened at $252.42 on Thursday. The stock has a 50 day moving average price of $247.75 and a 200-day moving average price of $253.71. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $278.13. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market capitalization of $73.23 billion, a P/E ratio of 24.48, a P/E/G ratio of 11.16 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter in the previous year, the business posted $3.91 earnings per share. Illinois Tool Works’s quarterly revenue was up 2.3% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be given a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 62.46%.

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.