Swedbank AB Buys 870 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Swedbank AB raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,885 shares of the industrial products company’s stock after acquiring an additional 870 shares during the period. Swedbank AB’s holdings in Illinois Tool Works were worth $22,538,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Northwestern Mutual Wealth Management Co. lifted its stake in Illinois Tool Works by 2.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,266 shares of the industrial products company’s stock worth $6,698,000 after purchasing an additional 596 shares during the last quarter. EP Wealth Advisors LLC lifted its stake in shares of Illinois Tool Works by 2.8% during the 2nd quarter. EP Wealth Advisors LLC now owns 4,513 shares of the industrial products company’s stock worth $1,069,000 after acquiring an additional 123 shares during the last quarter. Truist Financial Corp increased its stake in Illinois Tool Works by 2.4% in the second quarter. Truist Financial Corp now owns 67,363 shares of the industrial products company’s stock worth $15,962,000 after purchasing an additional 1,583 shares during the period. Cetera Investment Advisers lifted its position in shares of Illinois Tool Works by 7.6% during the second quarter. Cetera Investment Advisers now owns 60,619 shares of the industrial products company’s stock worth $14,364,000 after purchasing an additional 4,276 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Illinois Tool Works by 2.2% during the second quarter. Clearbridge Investments LLC now owns 437,391 shares of the industrial products company’s stock valued at $103,644,000 after purchasing an additional 9,513 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.4 %

Shares of Illinois Tool Works stock opened at $259.88 on Friday. 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 company has a market cap of $76.74 billion, a P/E ratio of 22.48, a PEG ratio of 3.60 and a beta of 1.11. The firm’s 50 day moving average price is $262.55 and its 200-day moving average price is $256.86. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Jefferies Financial Group lifted their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a report on Friday, January 24th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. Robert W. Baird upped their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Citigroup cut their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $269.89.

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.