Forsta AP Fonden Sells 4,700 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Forsta AP Fonden trimmed its position in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 5.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 82,800 shares of the industrial products company’s stock after selling 4,700 shares during the quarter. Forsta AP Fonden’s holdings in Illinois Tool Works were worth $17,338,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ritter Daniher Financial Advisory LLC bought a new position in Illinois Tool Works in the 4th quarter valued at about $28,000. Allegheny Financial Group LTD bought a new position in Illinois Tool Works in the 4th quarter valued at about $29,000. Capital Advisory Group Advisory Services LLC bought a new position in Illinois Tool Works in the 1st quarter valued at about $31,000. FSB Premier Wealth Management Inc. bought a new position in Illinois Tool Works in the 4th quarter valued at about $32,000. Finally, Lansing Street Advisors bought a new position in Illinois Tool Works in the 1st quarter valued at about $34,000. 79.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Citigroup increased their price target on shares of Illinois Tool Works from $191.00 to $210.00 and gave the company a “neutral” rating in a report on Wednesday. Barclays lowered their target price on shares of Illinois Tool Works from $180.00 to $167.00 and set an “underweight” rating on the stock in a report on Friday, July 8th. Jefferies Financial Group lowered their target price on shares of Illinois Tool Works from $235.00 to $195.00 in a report on Friday, July 15th. Credit Suisse Group raised their target price on shares of Illinois Tool Works from $225.00 to $229.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $206.00 to $163.00 in a report on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $204.00.

Insider Activity

In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total transaction of $205,340.00. Following the completion of the transaction, the executive vice president now owns 7,803 shares of the company’s stock, valued at $1,602,268.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.78% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $210.76 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $173.52 and a fifty-two week high of $249.81. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.48 and a quick ratio of 1.24. The firm has a market capitalization of $65.64 billion, a P/E ratio of 25.00, a P/E/G ratio of 2.31 and a beta of 1.11. The company’s 50 day moving average price is $191.92 and its two-hundred day moving average price is $205.34.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.15. The firm had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.10 earnings per share. On average, equities analysts forecast that Illinois Tool Works Inc. will post 9.08 earnings per share for the current fiscal year.

Illinois Tool Works Profile

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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.

Further Reading

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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