Avanza Fonder AB Acquires New Stake in Illinois Tool Works Inc. (NYSE:ITW)

Avanza Fonder AB bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 29,698 shares of the industrial products company’s stock, valued at approximately $7,530,000.

A number of other large investors have also modified their holdings of the business. Procyon Advisors LLC boosted its position in Illinois Tool Works by 6.3% during the fourth quarter. Procyon Advisors LLC now owns 1,711 shares of the industrial products company’s stock worth $434,000 after acquiring an additional 102 shares during the last quarter. Everpar Advisors LLC lifted its stake in Illinois Tool Works by 2.7% in the 4th quarter. Everpar Advisors LLC now owns 2,747 shares of the industrial products company’s stock worth $697,000 after purchasing an additional 71 shares in the last quarter. Tompkins Financial Corp boosted its holdings in shares of Illinois Tool Works by 362.2% during the 4th quarter. Tompkins Financial Corp now owns 9,188 shares of the industrial products company’s stock worth $2,330,000 after purchasing an additional 7,200 shares during the last quarter. Goldstone Financial Group LLC lifted its position in Illinois Tool Works by 6.1% during the fourth quarter. Goldstone Financial Group LLC now owns 1,516 shares of the industrial products company’s stock worth $384,000 after buying an additional 87 shares in the last quarter. Finally, Occidental Asset Management LLC raised its holdings in shares of Illinois Tool Works by 9.9% during the 4th quarter. Occidental Asset Management LLC now owns 14,016 shares of the industrial products company’s stock worth $3,554,000 after acquiring an additional 1,257 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial lifted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Robert W. Baird lifted their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Citigroup decreased their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $270.11.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $256.89 on Friday. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The firm has a 50 day moving average of $264.91 and a two-hundred day moving average of $255.29. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $75.86 billion, a PE ratio of 22.13, a P/E/G ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 EPS. On average, research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.34%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Illinois Tool Works 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.