Lansforsakringar Fondforvaltning AB publ Has $54.75 Million Stake in Illinois Tool Works Inc. $ITW

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its holdings in Illinois Tool Works by 0.6% during Q1 2023, owning 220,763 shares valued at $54.75 million.
• Illinois Tool Works announced an increase in its quarterly dividend to $1.61 per share, up from $1.50, with an annualized yield of 2.4%.
• Brokerages have recently upgraded Illinois Tool Works' price targets, with Citigroup increasing theirs from $254 to $265 and others following suit, indicating positive sentiment about the stock.

Lansforsakringar Fondforvaltning AB publ decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 220,763 shares of the industrial products company's stock after selling 1,306 shares during the quarter. Lansforsakringar Fondforvaltning AB publ owned 0.08% of Illinois Tool Works worth $54,751,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of ITW. Sivia Capital Partners LLC purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $214,000. OneAscent Financial Services LLC raised its stake in shares of Illinois Tool Works by 25.8% during the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock worth $416,000 after purchasing an additional 341 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Illinois Tool Works by 42.2% during the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock worth $1,450,000 after purchasing an additional 1,698 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter valued at about $946,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after buying an additional 4,560 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Trading Down 0.4%

Shares of NYSE ITW traded down $1.02 during midday trading on Monday, hitting $264.73. The stock had a trading volume of 963,377 shares, compared to its average volume of 912,597. The company's 50-day simple moving average is $258.01 and its 200 day simple moving average is $250.59. The firm has a market cap of $77.17 billion, a P/E ratio of 23.20, a price-to-earnings-growth ratio of 5.71 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 EPS 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 during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the firm earned $2.54 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. 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 payout ratio is presently 56.44%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Stifel Nicolaus raised their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research report on Wednesday, May 7th. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research report on Thursday, July 31st. Wells Fargo & Company raised their target price on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, Barclays raised their target price on Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $260.67.

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.