KLP Kapitalforvaltning AS Takes $38.45 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

KLP Kapitalforvaltning AS acquired a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 150,885 shares of the industrial products company’s stock, valued at approximately $38,451,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pensionfund Sabic boosted its holdings in Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after acquiring an additional 2,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after acquiring an additional 398,676 shares during the last quarter. Clark & Stuart Inc bought a new stake in Illinois Tool Works in the fourth quarter valued at approximately $1,729,000. Czech National Bank boosted its holdings in Illinois Tool Works by 5.9% in the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock valued at $14,774,000 after acquiring an additional 3,227 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Illinois Tool Works by 11.8% in the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after acquiring an additional 3,903 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW opened at $251.05 on Friday. The stock has a market cap of $73.68 billion, a P/E ratio of 21.42, a P/E/G ratio of 4.56 and a beta of 1.13. The business’s fifty day moving average is $258.48 and its 200 day moving average is $260.38. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

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

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is currently 51.19%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barclays set a $260.00 target price on Illinois Tool Works and gave the company an “equal weight” rating in a report on Monday, March 10th. Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup cut their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. cut their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $269.10.

Insider Activity at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 159,925 shares of company stock valued at $42,973,845. 0.88% of the stock is owned by insiders.

About Illinois Tool Works

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.