Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 5,000 Shares of Illinois Tool Works Inc. $ITW

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in Illinois Tool Works Inc. by 9.4%, selling 5,000 shares and now owns 47,952 shares valued at approximately $11.89 million.
• Recent analysts’ reports have led to varying price target adjustments for Illinois Tool Works, with UBS Group increasing its target from $243.00 to $255.00 while maintaining a "neutral" rating.
• Illinois Tool Works announced a quarterly dividend of $1.61, up from the previous $1.50, with a dividend yield of 2.5%, scheduled for payment on October 10th to shareholders of record on September 30th.

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,952 shares of the industrial products company's stock after selling 5,000 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Illinois Tool Works were worth $11,893,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ITW. Brighton Jones LLC raised its holdings in Illinois Tool Works by 5.3% in the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after acquiring an additional 277 shares in the last quarter. Synovus Financial Corp grew its position in shares of Illinois Tool Works by 2.9% during the fourth quarter. Synovus Financial Corp now owns 2,809 shares of the industrial products company's stock worth $712,000 after acquiring an additional 79 shares during the last quarter. Bridgewater Associates LP purchased a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $1,310,000. Jump Financial LLC grew its position in shares of Illinois Tool Works by 132.2% during the fourth quarter. Jump Financial LLC now owns 2,006 shares of the industrial products company's stock worth $509,000 after acquiring an additional 1,142 shares during the last quarter. Finally, Farringdon Capital Ltd. purchased a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $243,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.3%

NYSE ITW traded up $0.81 during trading on Monday, hitting $259.45. The stock had a trading volume of 638,212 shares, compared to its average volume of 1,091,613. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The company's 50-day moving average price is $253.84 and its two-hundred day moving average price is $250.04. The company has a market capitalization of $75.63 billion, a PE ratio of 22.74, a P/E/G ratio of 5.58 and a beta of 1.09. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The company's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.54 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current 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 given a $1.61 dividend. This represents a $6.44 annualized dividend and a yield of 2.5%. This is a boost from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.59%.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ITW shares. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Barclays boosted their price objective on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Evercore ISI decreased their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Finally, Stifel Nicolaus lifted their price target on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $259.33.

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.