Illinois Tool Works Inc. (NYSE:ITW) Stock Position Raised by Cibc World Markets Corp

Cibc World Markets Corp lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 14.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,675 shares of the industrial products company’s stock after buying an additional 5,380 shares during the quarter. Cibc World Markets Corp’s holdings in Illinois Tool Works were worth $11,074,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Baron Wealth Management LLC acquired a new stake in shares of Illinois Tool Works in the 3rd quarter valued at $228,000. Windle Wealth LLC lifted its position in shares of Illinois Tool Works by 3.4% in the third quarter. Windle Wealth LLC now owns 26,093 shares of the industrial products company’s stock worth $6,838,000 after buying an additional 851 shares during the last quarter. Pathstone Holdings LLC increased its holdings in shares of Illinois Tool Works by 2.0% during the 3rd quarter. Pathstone Holdings LLC now owns 51,783 shares of the industrial products company’s stock valued at $13,590,000 after acquiring an additional 994 shares during the last quarter. Caprock Group LLC raised its stake in shares of Illinois Tool Works by 4.8% in the 3rd quarter. Caprock Group LLC now owns 8,650 shares of the industrial products company’s stock valued at $2,280,000 after acquiring an additional 399 shares in the last quarter. Finally, OneAscent Financial Services LLC acquired a new stake in Illinois Tool Works in the 3rd quarter worth approximately $336,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ITW. Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. cut their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday, February 19th. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $269.10.

Insiders Place Their Bets

In other news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares in the company, valued at approximately $15,120,802.68. This represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 over the last quarter. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $254.58 on Wednesday. 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 $74.72 billion, a P/E ratio of 21.72, a P/E/G ratio of 4.56 and a beta of 1.13. The stock has a 50 day moving average of $258.07 and a two-hundred day moving average of $260.48. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Illinois Tool Works Company 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.