AMF Tjanstepension AB Sells 47,963 Shares of Illinois Tool Works Inc. (NYSE:ITW)

AMF Tjanstepension AB cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 56.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,042 shares of the industrial products company’s stock after selling 47,963 shares during the period. AMF Tjanstepension AB’s holdings in Illinois Tool Works were worth $9,965,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $26,000. Frazier Financial Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter worth about $26,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the 4th quarter worth about $28,000. Security National Bank bought a new position in Illinois Tool Works during the 4th quarter worth about $28,000. Finally, Bruce G. Allen Investments LLC bought a new position in Illinois Tool Works during the 4th quarter worth about $29,000. 79.77% of the stock is currently owned by institutional investors.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average price of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ITW. Truist Financial increased their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday, June 21st. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $256.44.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $236.84 on Friday. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company’s 50 day moving average is $243.51 and its 200 day moving average is $253.82. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The company has a market cap of $70.67 billion, a PE ratio of 23.36, a price-to-earnings-growth ratio of 3.53 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company earned $2.33 EPS. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.36%. Illinois Tool Works’s payout ratio is 55.23%.

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.