Vanguard Discloses 7.6% Stake in Illinois Tool Works (ITW)
Ticker: ITW · Form: SC 13G/A · Filed: Feb 13, 2024 · CIK: 49826
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, passive-investment, amendment, large-holder
TL;DR
**Vanguard still owns 7.6% of ITW, showing strong institutional backing.**
AI Summary
The Vanguard Group, a major investment firm based in Pennsylvania, filed an amended SC 13G/A on February 13, 2024, disclosing its beneficial ownership of Illinois Tool Works Inc. (ITW) common stock as of December 29, 2023. Vanguard reported holding 23,283,230 shares, representing 7.6% of ITW's outstanding common stock. This filing indicates Vanguard's continued significant, but passive, investment in ITW, which is important for investors as large institutional holdings can provide stability and signal confidence in the company's long-term prospects.
Why It Matters
This filing confirms Vanguard's substantial, passive ownership in Illinois Tool Works, signaling continued institutional confidence in the company's value and stability, which can reassure current and potential investors.
Risk Assessment
Risk Level: low — This filing is a routine update from a passive institutional investor and does not indicate any immediate risks or changes in company control.
Analyst Insight
Investors should view this as a routine disclosure of a large, passive institutional holding, suggesting stability rather than an immediate catalyst for price movement. It reinforces that ITW is a widely held stock by major funds.
Key Numbers
- 23,283,230 — Shares Beneficially Owned (The total number of Illinois Tool Works Inc. common shares owned by The Vanguard Group.)
- 7.6% — Percentage of Class (The percentage of Illinois Tool Works Inc. common stock beneficially owned by The Vanguard Group.)
- 452308109 — CUSIP Number (Unique identifier for Illinois Tool Works Inc. Common Stock.)
Key Players & Entities
- The Vanguard Group (company) — reporting person and beneficial owner of ITW shares
- Illinois Tool Works Inc. (company) — the issuer of the common stock being reported
- Pennsylvania (company) — place of organization for The Vanguard Group
- December 29, 2023 (date) — date of the event requiring the filing
- February 13, 2024 (date) — filing date of the SC 13G/A amendment
Forward-Looking Statements
- Vanguard will maintain a significant, passive stake in Illinois Tool Works Inc. (The Vanguard Group) — high confidence, target: Next 12-24 months
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is The Vanguard Group, identified with IRS Identification No. 23-1945930 and organized in Pennsylvania, as stated in Item 1 and 4 of the filing.
What is the name of the issuer whose securities are being reported?
The issuer is Illinois Tool Works Inc., as specified under 'Name of issuer' on the Schedule 13G cover page.
What was the date of the event that required this filing?
The date of the event which required the filing of this statement was December 29, 2023, as indicated on the Schedule 13G cover page.
How many shares of Illinois Tool Works Inc. common stock does The Vanguard Group beneficially own?
The Vanguard Group beneficially owns 23,283,230 shares of Illinois Tool Works Inc. common stock, as reported in Item 9 of the filing.
What percentage of Illinois Tool Works Inc.'s common stock does The Vanguard Group own?
The Vanguard Group owns 7.6% of Illinois Tool Works Inc.'s common stock, as stated in Item 13 of the filing.
Filing Stats: 810 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-02-13 17:06:19
Filing Documents
- tv01167-illinoistoolworksinc.htm (SC 13G/A) — 11KB
- 0001104659-24-021169.txt ( ) — 13KB
(a) - Name of Issuer
Item 1(a) - Name of Issuer: Illinois Tool Works Inc
(b) - Address of Issuer's Principal Executive Offices
Item 1(b) - Address of Issuer's Principal Executive Offices: 155 Harlem Avenue Glenview, IL 60025
(a) - Name of Person Filing
Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930
(b) – Address of Principal Business Office or, if none, residence
Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355
(c) – Citizenship
Item 2(c) – Citizenship: Pennsylvania
(d) - Title of Class of Securities
Item 2(d) - Title of Class of Securities: Common Stock
(e) - CUSIP Number
Item 2(e) - CUSIP Number 452308109
- Type of Filing
Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).
- Ownership
Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.
- Ownership of Five Percent or Less of a Class
Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following
- Ownership of More Than Five Percent on Behalf of Another Person
Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable
- Identification and Classification of Members of Group
Item 8 - Identification and Classification of Members of Group: Not applicable
- Notice of Dissolution of Group
Item 9 - Notice of Dissolution of Group: Not applicable
- Certification
Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration