State of Michigan Retirement System Increases Stock Position in Illinois Tool Works Inc. $ITW

State of Michigan Retirement System grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 80,136 shares of the industrial products company’s stock after buying an additional 700 shares during the period. State of Michigan Retirement System’s holdings in Illinois Tool Works were worth $19,814,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. OneAscent Financial Services LLC raised its stake in shares of Illinois Tool Works by 25.8% during the first quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 341 shares during the period. Modern Wealth Management LLC increased its holdings in Illinois Tool Works by 8.3% during the 1st quarter. Modern Wealth Management LLC now owns 848 shares of the industrial products company’s stock worth $210,000 after purchasing an additional 65 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Illinois Tool Works by 9.5% in the 2nd quarter. Nordea Investment Management AB now owns 38,993 shares of the industrial products company’s stock valued at $9,605,000 after purchasing an additional 3,388 shares in the last quarter. Advisory Alpha LLC purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at approximately $259,000. Finally, Global X Japan Co. Ltd. grew its position in shares of Illinois Tool Works by 8.3% during the second quarter. Global X Japan Co. Ltd. now owns 2,523 shares of the industrial products company’s stock worth $624,000 after buying an additional 193 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $244.08 on Monday. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a market cap of $70.81 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. 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 firm has a fifty day moving average of $257.51 and a 200-day moving average of $252.58.

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 (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the previous year, the company posted $3.91 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.400-10.500 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 31st will be issued a $1.61 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s dividend payout ratio is presently 62.46%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITW. Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Monday, October 27th. Citigroup lifted their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. The Goldman Sachs Group set a $258.00 price target on shares of Illinois Tool Works in a research note on Monday, October 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Friday. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $262.00.

Insider Activity

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $265.08, for a total value 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. This trade represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.88% of the stock is owned by company insiders.

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.