Avanza Fonder AB Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Avanza Fonder AB purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 29,698 shares of the industrial products company's stock, valued at approximately $7,530,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ITW. True Wealth Design LLC increased its position in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the 2nd quarter worth approximately $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at approximately $35,000. Finally, Financial Management Professionals Inc. grew its position in shares of Illinois Tool Works by 28.0% during the third quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company's stock worth $56,000 after acquiring an additional 47 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ITW. Robert W. Baird increased their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Truist Financial raised their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a report on Thursday, December 19th. StockNews.com cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Tuesday. Evercore ISI lowered shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and upped their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company lowered their target price on Illinois Tool Works from $260.00 to $250.00 and set an "underweight" rating on the stock in a report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $270.11.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded up $0.57 during mid-day trading on Friday, hitting $256.50. 844,760 shares of the company were exchanged, compared to its average volume of 768,759. The business's 50 day simple moving average is $264.26 and its two-hundred day simple moving average is $255.45. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a market capitalization of $75.74 billion, a P/E ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the company earned $2.55 EPS. Analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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

About Illinois Tool Works

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.