Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Nordea Investment Management AB

Nordea Investment Management AB boosted its position in Illinois Tool Works Inc. (NYSE:ITWFree Report) by 8.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,393 shares of the industrial products company’s stock after purchasing an additional 2,312 shares during the period. Nordea Investment Management AB’s holdings in Illinois Tool Works were worth $7,884,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Townsquare Capital LLC increased its holdings in Illinois Tool Works by 3.6% in the third quarter. Townsquare Capital LLC now owns 6,750 shares of the industrial products company’s stock valued at $1,555,000 after buying an additional 232 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in Illinois Tool Works by 2.3% in the third quarter. Integrated Wealth Concepts LLC now owns 9,548 shares of the industrial products company’s stock valued at $2,199,000 after buying an additional 215 shares in the last quarter. Comerica Bank increased its holdings in Illinois Tool Works by 365.2% in the third quarter. Comerica Bank now owns 81,358 shares of the industrial products company’s stock valued at $18,737,000 after buying an additional 63,870 shares in the last quarter. Graham Capital Management L.P. increased its holdings in Illinois Tool Works by 409.5% in the third quarter. Graham Capital Management L.P. now owns 8,248 shares of the industrial products company’s stock valued at $1,900,000 after buying an additional 6,629 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in Illinois Tool Works by 11.3% in the third quarter. Public Sector Pension Investment Board now owns 29,476 shares of the industrial products company’s stock valued at $6,789,000 after buying an additional 2,995 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ITW shares. Citigroup increased their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays dropped their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Finally, Truist Financial dropped their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $254.00.

Read Our Latest Research Report on Illinois Tool Works

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.26% of the stock is owned by company insiders.

Illinois Tool Works Stock Down 0.1 %

ITW stock opened at $233.65 on Tuesday. The stock has a market capitalization of $69.72 billion, a P/E ratio of 23.07, a PEG ratio of 3.43 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The company has a 50 day moving average price of $241.71 and a two-hundred day moving average price of $252.84.

Illinois Tool Works (NYSE:ITWGet Free Report) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.33 EPS. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.19 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.40%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Illinois Tool Works Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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