Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lessened its position in Illinois Tool Works Inc. (NYSE:ITW) by 91.3% in the 2nd quarter, Holdings Channel reports. The fund owned 3,239 shares of the industrial products company’s stock after selling 33,910 shares during the period. Canada Pension Plan Investment Board’s holdings in Illinois Tool Works were worth $810,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ITW. Cibc World Market Inc. lifted its stake in shares of Illinois Tool Works by 3.7% in the first quarter. Cibc World Market Inc. now owns 9,666 shares of the industrial products company’s stock valued at $2,024,000 after purchasing an additional 348 shares during the period. Cetera Investment Advisers raised its position in Illinois Tool Works by 4.2% during the first quarter. Cetera Investment Advisers now owns 9,070 shares of the industrial products company’s stock worth $1,899,000 after acquiring an additional 368 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in Illinois Tool Works by 54.7% during the first quarter. Sequoia Financial Advisors LLC now owns 2,859 shares of the industrial products company’s stock worth $599,000 after acquiring an additional 1,011 shares during the last quarter. Zions Bancorporation N.A. raised its position in Illinois Tool Works by 9.9% during the first quarter. Zions Bancorporation N.A. now owns 2,407 shares of the industrial products company’s stock worth $504,000 after acquiring an additional 217 shares during the last quarter. Finally, Covestor Ltd raised its position in Illinois Tool Works by 70.7% during the first quarter. Covestor Ltd now owns 746 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 309 shares during the last quarter. Institutional investors and hedge funds own 79.56% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $239.62 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 2.27. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $264.19. The company has a 50 day moving average of $231.92 and a two-hundred day moving average of $237.88. The company has a market cap of $72.10 billion, a P/E ratio of 23.24, a P/E/G ratio of 4.56 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.09. Illinois Tool Works had a net margin of 19.55% and a return on equity of 95.68%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm earned $2.35 earnings per share. Illinois Tool Works’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 9.68 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 11th. Stockholders of record on Friday, December 29th will be given a dividend of $1.40 per share. The ex-dividend date is Thursday, December 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.34%. Illinois Tool Works’s payout ratio is currently 54.32%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Illinois Tool Works from $265.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, October 16th. Credit Suisse Group lifted their price target on shares of Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Citigroup lifted their price target on shares of Illinois Tool Works from $256.00 to $258.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. Barclays lowered their price target on shares of Illinois Tool Works from $213.00 to $198.00 in a report on Thursday, September 7th. Finally, StockNews.com assumed coverage on shares of Illinois Tool Works in a report on Thursday, October 5th. They set a “hold” rating for the company. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $238.25.

About Illinois Tool Works

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.