Skandinaviska Enskilda Banken AB publ Sells 48,724 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Skandinaviska Enskilda Banken AB publ decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 32.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 102,107 shares of the industrial products company’s stock after selling 48,724 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Illinois Tool Works were worth $24,195,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ITW. AE Wealth Management LLC lifted its position in Illinois Tool Works by 32.8% during the 2nd quarter. AE Wealth Management LLC now owns 3,490 shares of the industrial products company’s stock worth $827,000 after acquiring an additional 862 shares during the last quarter. Callan Capital LLC lifted its position in shares of Illinois Tool Works by 8.9% during the 2nd quarter. Callan Capital LLC now owns 2,294 shares of the industrial products company’s stock worth $544,000 after purchasing an additional 187 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Illinois Tool Works by 0.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 163,849 shares of the industrial products company’s stock valued at $38,826,000 after purchasing an additional 433 shares during the period. Ieq Capital LLC grew its holdings in Illinois Tool Works by 3.1% in the 2nd quarter. Ieq Capital LLC now owns 21,140 shares of the industrial products company’s stock valued at $5,009,000 after buying an additional 638 shares during the last quarter. Finally, Brighton Jones LLC increased its position in Illinois Tool Works by 8.2% in the 2nd quarter. Brighton Jones LLC now owns 4,845 shares of the industrial products company’s stock worth $1,148,000 after buying an additional 368 shares during the period. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

ITW has been the subject of several research reports. Barclays reduced their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Stifel Nicolaus decreased their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Truist Financial reduced their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Trading Down 1.4 %

ITW stock opened at $254.32 on Friday. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The business’s 50 day moving average is $246.24 and its 200-day moving average is $248.29. The firm has a market cap of $75.89 billion, a P/E ratio of 25.08, a P/E/G ratio of 3.93 and a beta of 1.10.

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

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 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.