Forsta AP Fonden lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,500 shares of the industrial products company’s stock after selling 1,300 shares during the period. Forsta AP Fonden’s holdings in Illinois Tool Works were worth $4,087,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. CX Institutional bought a new stake in shares of Illinois Tool Works in the second quarter worth $101,000. Clearwater Capital Advisors LLC bought a new stake in shares of Illinois Tool Works in the first quarter worth $117,000. Kaizen Advisory LLC lifted its position in Illinois Tool Works by 151.0% during the second quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 450 shares in the last quarter. Archford Capital Strategies LLC purchased a new position in Illinois Tool Works during the first quarter valued at $130,000. Finally, Parisi Gray Wealth Management lifted its position in Illinois Tool Works by 88.8% during the first quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock valued at $123,000 after purchasing an additional 372 shares in the last quarter. 76.13% of the stock is owned by institutional investors.
Shares of Illinois Tool Works stock opened at $144.89 on Friday. Illinois Tool Works Inc. has a 52 week low of $134.45 and a 52 week high of $179.07. The stock has a market capitalization of $47.51 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 1.81 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 1.60.
Illinois Tool Works declared that its board has authorized a share buyback program on Friday, August 3rd that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.76%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Thursday, September 27th. Illinois Tool Works’s payout ratio is presently 47.34%.
In other Illinois Tool Works news, Director Richard H. Lenny acquired 1,778 shares of the stock in a transaction dated Friday, July 27th. The shares were acquired at an average cost of $140.85 per share, for a total transaction of $250,431.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is owned by insiders.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 target price on the stock in a research report on Wednesday, June 27th. Goldman Sachs Group reiterated a “neutral” rating on shares of Illinois Tool Works in a research report on Tuesday, July 24th. Robert W. Baird lowered their target price on Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating on the stock in a research report on Tuesday, July 24th. ValuEngine downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Finally, Deutsche Bank set a $152.00 target price on Illinois Tool Works and gave the company a “hold” rating in a research report on Thursday, July 12th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $159.53.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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