CIBC World Markets Inc. Has $2.46 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

CIBC World Markets Inc. raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 298.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,082 shares of the industrial products company’s stock after purchasing an additional 8,304 shares during the period. CIBC World Markets Inc.’s holdings in Illinois Tool Works were worth $2,455,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Rockefeller Capital Management L.P. raised its position in Illinois Tool Works by 3.4% during the first quarter. Rockefeller Capital Management L.P. now owns 57,471 shares of the industrial products company’s stock valued at $12,730,000 after purchasing an additional 1,892 shares in the last quarter. NorthRock Partners LLC raised its position in Illinois Tool Works by 8.4% during the first quarter. NorthRock Partners LLC now owns 7,722 shares of the industrial products company’s stock valued at $1,711,000 after purchasing an additional 601 shares in the last quarter. Davy Global Fund Management Ltd raised its position in Illinois Tool Works by 2.8% during the first quarter. Davy Global Fund Management Ltd now owns 7,756 shares of the industrial products company’s stock valued at $1,718,000 after purchasing an additional 214 shares in the last quarter. Manitou Investment Management Ltd. raised its position in Illinois Tool Works by 5.7% during the first quarter. Manitou Investment Management Ltd. now owns 4,810 shares of the industrial products company’s stock valued at $1,066,000 after purchasing an additional 260 shares in the last quarter. Finally, Progressive Investment Management Corp grew its stake in shares of Illinois Tool Works by 1.4% during the first quarter. Progressive Investment Management Corp now owns 20,722 shares of the industrial products company’s stock worth $4,590,000 after buying an additional 279 shares during the last quarter. Institutional investors and hedge funds own 77.80% of the company’s stock.

In other news, CAO Randall J. Scheuneman sold 6,820 shares of the company’s stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $237.32, for a total transaction of $1,618,522.40. Following the transaction, the chief accounting officer now owns 14,622 shares in the company, valued at $3,470,093.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is currently owned by corporate insiders.

ITW has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $203.00 to $210.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 14th. They noted that the move was a valuation call. BMO Capital Markets boosted their target price on shares of Illinois Tool Works from $225.00 to $235.00 and gave the stock a “market perform” rating in a research note on Monday, May 3rd. Barclays cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $240.00 to $220.00 in a research note on Wednesday, May 26th. Morgan Stanley boosted their price objective on shares of Illinois Tool Works from $189.00 to $207.00 and gave the stock an “underweight” rating in a research note on Monday, May 3rd. Finally, Argus boosted their price objective on shares of Illinois Tool Works from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, May 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $224.73.

Shares of ITW opened at $232.68 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.50 and a debt-to-equity ratio of 2.32. The company has a market capitalization of $73.50 billion, a PE ratio of 33.38, a P/E/G ratio of 2.35 and a beta of 1.10. The firm’s fifty day moving average price is $230.05. Illinois Tool Works Inc. has a 12 month low of $160.34 and a 12 month high of $242.07.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, April 30th. The industrial products company reported $2.11 EPS for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.21. Illinois Tool Works had a net margin of 17.18% and a return on equity of 78.80%. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, research analysts forecast that Illinois Tool Works Inc. will post 8.46 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th will be issued a dividend of $1.14 per share. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $4.56 annualized dividend and a dividend yield of 1.96%. Illinois Tool Works’s dividend payout ratio is currently 65.14%.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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