ANB Bank Trims Stock Position in Illinois Tool Works Inc. $ITW

ANB Bank trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,480 shares of the industrial products company’s stock after selling 1,355 shares during the period. Illinois Tool Works comprises approximately 1.3% of ANB Bank’s holdings, making the stock its 21st biggest holding. ANB Bank’s holdings in Illinois Tool Works were worth $2,838,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bell Investment Advisors Inc raised its holdings in shares of Illinois Tool Works by 1,287.8% in the second quarter. Bell Investment Advisors Inc now owns 1,138 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 1,056 shares during the last quarter. Kingsview Wealth Management LLC increased its position in Illinois Tool Works by 0.4% during the 2nd quarter. Kingsview Wealth Management LLC now owns 20,286 shares of the industrial products company’s stock worth $5,016,000 after purchasing an additional 79 shares in the last quarter. Cornerstone Advisors LLC raised its stake in Illinois Tool Works by 104.9% in the 2nd quarter. Cornerstone Advisors LLC now owns 50,600 shares of the industrial products company’s stock valued at $12,511,000 after purchasing an additional 25,900 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Illinois Tool Works by 23.8% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 5,865 shares of the industrial products company’s stock valued at $1,450,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in shares of Illinois Tool Works by 10.0% during the 2nd quarter. Avantax Advisory Services Inc. now owns 19,703 shares of the industrial products company’s stock worth $4,872,000 after purchasing an additional 1,792 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director Pamela B. Strobel sold 1,521 shares of the company’s 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 sale, the director owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Randall J. Scheuneman sold 6,802 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer owned 10,314 shares in the company, valued at approximately $2,734,035.12. The trade was a 39.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Performance

NYSE ITW opened at $243.75 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The firm has a market capitalization of $70.71 billion, a P/E ratio of 23.64, a P/E/G ratio of 4.10 and a beta of 1.11. The business’s 50-day simple moving average is $253.42 and its 200-day simple moving average is $253.05.

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

Illinois Tool Works Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ITW shares. Deutsche Bank Aktiengesellschaft raised 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. Barclays raised their price objective on Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a report on Monday, October 27th. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. Truist Financial decreased their price target on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research note on Monday, October 27th. Finally, The Goldman Sachs Group set a $258.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. Two 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. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $262.00.

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.