Fjarde AP Fonden Fourth Swedish National Pension Fund Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 12.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,952 shares of the industrial products company’s stock after selling 7,700 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Illinois Tool Works were worth $13,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Howard Capital Management Inc. boosted its holdings in shares of Illinois Tool Works by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 1,949 shares of the industrial products company’s stock valued at $494,000 after acquiring an additional 99 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Illinois Tool Works by 9.8% during the fourth quarter. First Horizon Advisors Inc. now owns 1,296 shares of the industrial products company’s stock valued at $329,000 after purchasing an additional 116 shares during the period. Pinnacle Financial Partners Inc boosted its holdings in Illinois Tool Works by 6.0% in the fourth quarter. Pinnacle Financial Partners Inc now owns 5,019 shares of the industrial products company’s stock worth $1,278,000 after purchasing an additional 282 shares during the last quarter. Sigma Planning Corp grew its position in Illinois Tool Works by 11.7% in the 4th quarter. Sigma Planning Corp now owns 5,183 shares of the industrial products company’s stock worth $1,314,000 after purchasing an additional 544 shares during the period. Finally, Redmond Asset Management LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at $1,075,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $264.30 on Monday. The firm’s 50 day simple moving average is $257.08 and its two-hundred day simple moving average is $258.58. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company has a market capitalization of $77.57 billion, a P/E ratio of 22.55, a P/E/G ratio of 4.56 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the sale, the director now directly owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research reports. Citigroup dropped their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Barclays cut their price target on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, February 7th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Jefferies Financial Group boosted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company reduced their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $269.30.

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.