Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 144,995 shares of the industrial products company’s stock after acquiring an additional 9,825 shares during the period. Handelsbanken Fonder AB’s holdings in Illinois Tool Works were worth $37,999,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ITW. Security National Bank acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the second quarter worth approximately $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the second quarter valued at $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at $34,000. Finally, General Partner Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter worth $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ITW shares. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating 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 research report on Friday, September 13th. Jefferies Financial Group reduced their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Truist Financial dropped their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Down 0.6 %

NYSE ITW traded down $1.58 during trading on Friday, hitting $258.41. 624,279 shares of the company traded hands, compared to its average volume of 1,093,373. The company has a market capitalization of $77.11 billion, a P/E ratio of 25.48, a PEG ratio of 4.09 and a beta of 1.10. The business has a fifty day simple moving average of $249.00 and a 200 day simple moving average of $248.01. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month 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.

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

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.32%. Illinois Tool Works’s payout ratio is currently 59.17%.

Illinois Tool Works Company Profile

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.