Forsta AP Fonden Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Forsta AP Fonden decreased its position in Illinois Tool Works Inc. by 4.6%, selling 4,500 shares and holding a total of 92,700 shares worth approximately $22.99 million.
• Illinois Tool Works plans to distribute a quarterly dividend of $1.61 per share, up from $1.50, with an annualized yield of 2.5%, payable on October 10th.
• Wall Street analysts have varying ratings on Illinois Tool Works, with a consensus rating of "Hold" and an average price target of $259.33.

Forsta AP Fonden cut its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,700 shares of the industrial products company's stock after selling 4,500 shares during the period. Forsta AP Fonden's holdings in Illinois Tool Works were worth $22,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ITW. GAMMA Investing LLC grew its position in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock valued at $5,123,080,000 after purchasing an additional 2,057,872 shares in the last quarter. Auto Owners Insurance Co lifted its holdings in Illinois Tool Works by 55,978.4% in the first quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock valued at $354,654,000 after acquiring an additional 1,427,450 shares during the last quarter. Northern Trust Corp lifted its holdings in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Illinois Tool Works by 11.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock valued at $522,110,000 after acquiring an additional 209,671 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $47,254,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on ITW. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a report on Thursday, July 31st. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Barclays upped their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Evercore ISI decreased their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of "Hold" and a consensus price target of $259.33.

Illinois Tool Works Stock Up 0.1%

Shares of Illinois Tool Works stock traded up $0.20 during trading hours on Friday, reaching $256.98. 541,078 shares of the company were exchanged, compared to its average volume of 1,024,470. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The stock's fifty day moving average is $252.29 and its 200 day moving average is $250.06. 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 firm has a market cap of $74.91 billion, a PE ratio of 22.52, a PEG ratio of 5.54 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company earned $2.54 earnings per share. The company's revenue was up .6% on a year-over-year basis. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued 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 of this dividend is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works 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.