813 Shares in Illinois Tool Works Inc. $ITW Purchased by Chemung Canal Trust Co.

Chemung Canal Trust Co. purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 813 shares of the industrial products company’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in Illinois Tool Works in the first quarter valued at $26,000. SOA Wealth Advisors LLC. increased its stake in shares of Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Saudi Central Bank acquired a new position in Illinois Tool Works in the 1st quarter worth about $29,000. 1248 Management LLC purchased a new position in Illinois Tool Works during the first quarter worth approximately $30,000. Finally, Banque Transatlantique SA acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITW. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the company an “underperform” rating in a research report on Tuesday, August 19th. Wells Fargo & Company boosted their target price 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 on the stock. in a research note on Thursday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Saturday, September 27th. Finally, Barclays boosted their price target 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. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $261.58.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,802 shares of the 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 sale, the chief accounting officer owned 10,314 shares of the company’s stock, valued at $2,734,035.12. This trade represents a 39.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Down 0.2%

Shares of ITW opened at $260.19 on Friday. The company’s 50-day simple moving average is $261.43 and its 200-day simple moving average is $251.01. 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 1 year low of $214.66 and a 1 year high of $279.13. The stock has a market capitalization of $75.85 billion, a PE ratio of 22.80, a P/E/G ratio of 5.61 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $2.54 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business 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 dividend of $1.61 per share. This represents a $6.44 annualized dividend and a yield of 2.5%. 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 payout ratio 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.