Forsta AP Fonden Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Forsta AP Fonden lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,200 shares of the industrial products company’s stock after selling 9,000 shares during the period. Forsta AP Fonden’s holdings in Illinois Tool Works were worth $20,426,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Steele Capital Management Inc. grew its stake in shares of Illinois Tool Works by 4.9% in the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 40 shares during the last quarter. EP Wealth Advisors LLC increased its stake in Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after purchasing an additional 42 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after buying an additional 44 shares during the last quarter. Carson Advisory Inc. lifted its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after buying an additional 45 shares in the last quarter. Finally, Trifecta Capital Advisors LLC grew its holdings in shares of Illinois Tool Works by 0.8% during the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after buying an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on ITW. Wells Fargo & Company upped their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. Truist Financial reduced their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Evercore ISI lowered their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Down 0.3 %

Shares of Illinois Tool Works stock opened at $246.87 on Thursday. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company’s fifty day simple moving average is $243.92 and its 200-day simple moving average is $248.56. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market capitalization of $73.67 billion, a PE ratio of 24.35, a P/E/G ratio of 3.88 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.43%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

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.