E. Ohman J or Asset Management AB Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

E. Ohman J or Asset Management AB decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.5% in the third quarter, Holdings Channel.com reports. The firm owned 12,225 shares of the industrial products company’s stock after selling 440 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Illinois Tool Works were worth $3,204,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nicholson Wealth Management Group LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $833,000. DT Investment Partners LLC raised its stake in Illinois Tool Works by 32.1% during the third quarter. DT Investment Partners LLC now owns 407 shares of the industrial products company’s stock valued at $107,000 after buying an additional 99 shares during the last quarter. Mcdaniel Terry & Co. boosted its holdings in Illinois Tool Works by 0.9% in the third quarter. Mcdaniel Terry & Co. now owns 172,756 shares of the industrial products company’s stock worth $45,274,000 after acquiring an additional 1,618 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Illinois Tool Works by 12.0% in the third quarter. Assenagon Asset Management S.A. now owns 9,332 shares of the industrial products company’s stock worth $2,446,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. increased its holdings in shares of Illinois Tool Works by 2.8% during the third quarter. Pinnacle West Asset Management Inc. now owns 2,940 shares of the industrial products company’s stock valued at $770,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.3 %

ITW stock opened at $255.53 on Friday. The business’s 50-day moving average is $253.53 and its two-hundred day moving average is $247.33. The company has a market cap of $76.25 billion, a price-to-earnings ratio of 25.20, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $219.01 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the business earned $2.41 EPS. The business’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays cut their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $255.44.

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.