SEB Asset Management AB acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 116,973 shares of the industrial products company’s stock, valued at approximately $30,447,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cresta Advisors Ltd. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $25,000. Motiv8 Investments LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $27,000. Kemnay Advisory Services Inc. acquired a new stake in Illinois Tool Works during the fourth quarter worth about $27,000. Lodestone Wealth Management LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Beacon Financial Strategies CORP purchased a new position in Illinois Tool Works during the fourth quarter worth about $29,000. 79.77% of the stock is owned by institutional investors and hedge funds.
Illinois Tool Works Stock Up 0.0%
Shares of NYSE ITW opened at $276.19 on Monday. The company has a quick ratio of 0.86, a current ratio of 1.19 and a debt-to-equity ratio of 2.04. The business’s 50 day moving average is $259.88 and its two-hundred day moving average is $266.13. Illinois Tool Works Inc. has a 52-week low of $238.82 and a 52-week high of $303.15. The firm has a market cap of $79.46 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 4.74 and a beta of 1.00.
Illinois Tool Works Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, June 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 59.80%.
Insiders Place Their Bets
In other news, Director Jennifer F. Scanlon bought 806 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was bought at an average cost of $247.99 per share, with a total value of $199,879.94. Following the transaction, the director directly owned 1,652 shares in the company, valued at $409,679.48. The trade was a 95.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.83% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
ITW has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Illinois Tool Works from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Barclays reduced their price target on shares of Illinois Tool Works from $275.00 to $250.00 and set an “underweight” rating on the stock in a research report on Wednesday, April 1st. The Goldman Sachs Group reiterated a “sell” rating and issued a $254.00 price objective on shares of Illinois Tool Works in a report on Thursday, April 30th. Truist Financial increased their price objective on Illinois Tool Works from $280.00 to $301.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company raised their target price on Illinois Tool Works from $245.00 to $255.00 and gave the stock an “underweight” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $274.00.
Read Our Latest Report on Illinois Tool Works
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.
The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.
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