KLP Kapitalforvaltning AS Buys 3,400 Shares of Illinois Tool Works Inc. (NYSE:ITW)

KLP Kapitalforvaltning AS raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 154,285 shares of the industrial products company's stock after acquiring an additional 3,400 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.05% of Illinois Tool Works worth $38,461,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Illinois Tool Works by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 26,326,996 shares of the industrial products company's stock worth $6,675,473,000 after acquiring an additional 94,601 shares during the period. Northern Trust Corp boosted its holdings in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Illinois Tool Works by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 6,392,021 shares of the industrial products company's stock worth $1,620,491,000 after acquiring an additional 99,753 shares during the period. Capital Research Global Investors boosted its holdings in shares of Illinois Tool Works by 1.8% during the fourth quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after acquiring an additional 71,934 shares during the period. Finally, Norges Bank bought a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $806,291,000. Institutional investors own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Robert W. Baird boosted their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Stifel Nicolaus boosted their price target on Illinois Tool Works from $233.00 to $255.00 and gave the company a "hold" rating in a research note on Monday. Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Citigroup boosted their price target on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company boosted their price target on Illinois Tool Works from $230.00 to $235.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average price target of $255.67.

Illinois Tool Works Trading Down 0.4%

NYSE ITW traded down $1.17 on Thursday, reaching $262.07. The company had a trading volume of 794,155 shares, compared to its average volume of 1,092,982. The firm has a market cap of $76.79 billion, a price-to-earnings ratio of 23.05, a P/E/G ratio of 5.49 and a beta of 1.09. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The business has a 50 day moving average of $249.69 and a two-hundred day moving average of $249.71. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. Illinois Tool Works's quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.44 earnings per share. Analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. Illinois Tool Works's dividend payout ratio (DPR) is currently 52.77%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.88% of the company's stock.

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.