Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 84.0% in the third quarter, Holdings Channel reports. The institutional investor owned 26,177 shares of the industrial products company’s stock after selling 137,731 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Illinois Tool Works were worth $6,860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the second quarter valued at approximately $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter valued at $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the third quarter worth $35,000. Finally, Meeder Asset Management Inc. raised its position in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ITW shares. Barclays upped their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, 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. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Stock Up 1.5 %

Shares of NYSE:ITW opened at $273.94 on Friday. The stock has a market capitalization of $80.89 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 4.13 and a beta of 1.10. The stock’s 50-day moving average price is $262.20 and its 200-day moving average price is $249.80. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the company earned $2.55 EPS. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. 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 2.19%. Illinois Tool Works’s dividend payout ratio is currently 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.