Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Avanza Fonder AB

Avanza Fonder AB decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,752 shares of the industrial products company’s stock after selling 946 shares during the quarter. Avanza Fonder AB’s holdings in Illinois Tool Works were worth $7,258,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $806,291,000. GAMMA Investing LLC raised its holdings in shares of Illinois Tool Works by 26,372.8% during 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 buying an additional 2,057,872 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $203,949,000. Cerity Partners LLC raised its holdings in shares of Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after buying an additional 655,341 shares during the last quarter. Finally, Northern Trust Corp raised 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 valued at $3,465,570,000 after buying an additional 508,188 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $247.28 on Tuesday. The stock has a market capitalization of $72.45 billion, a P/E ratio of 21.10, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The business’s fifty day moving average is $239.53 and its two-hundred day moving average is $252.82. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The firm’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.44 earnings per share. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Barclays cut their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Citigroup cut their price target on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Truist Financial dropped their target price on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Evercore ISI dropped their target price on 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, UBS Group dropped their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $253.42.

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.