Swedbank AB Increases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Swedbank AB raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,015 shares of the industrial products company’s stock after buying an additional 1,768 shares during the period. Swedbank AB’s holdings in Illinois Tool Works were worth $23,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fairscale Capital LLC purchased a new stake in Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the first quarter worth approximately $34,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the second quarter worth approximately $30,000. Rise Advisors LLC bought a new position in shares of Illinois Tool Works in the first quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Truist Financial upped their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. upped their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI dropped their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $260.83 on Thursday. The company has a market cap of $77.83 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 4.10 and a beta of 1.10. The firm’s fifty day moving average is $251.52 and its 200 day moving average is $247.50. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.41 earnings per share. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

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.