CIBC Asset Management Inc Purchases 2,619 Shares of Illinois Tool Works Inc. (NYSE:ITW)

CIBC Asset Management Inc boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 54,655 shares of the industrial products company’s stock after buying an additional 2,619 shares during the quarter. CIBC Asset Management Inc’s holdings in Illinois Tool Works were worth $14,323,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the second quarter worth $30,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the second quarter valued at $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. increased its holdings 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 valued at $38,000 after purchasing an additional 115 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

ITW has been the topic of several research reports. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the company from $246.00 to $255.00 in a research note on Wednesday. Robert W. Baird upped their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company upped their price target 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. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Trading Up 0.3 %

ITW opened at $270.62 on Friday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.58. The company has a 50-day simple moving average of $260.09 and a 200 day simple moving average of $248.94. 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 stock has a market capitalization of $79.91 billion, a price-to-earnings ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during 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%. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.55 earnings per share. Analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

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.