CIBC Asset Management Inc Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

CIBC Asset Management Inc raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,655 shares of the industrial products company's stock after purchasing 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 SEC filing.

Several other hedge funds have also made changes to their positions in ITW. Lifeworks Advisors LLC lifted its position in Illinois Tool Works by 22.5% in the third quarter. Lifeworks Advisors LLC now owns 13,494 shares of the industrial products company's stock valued at $3,536,000 after buying an additional 2,478 shares during the last quarter. Lummis Asset Management LP purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at approximately $266,000. Metis Global Partners LLC lifted its holdings in shares of Illinois Tool Works by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 13,875 shares of the industrial products company's stock worth $3,636,000 after acquiring an additional 646 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Illinois Tool Works by 1.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company's stock worth $1,431,000 after purchasing an additional 100 shares during the period. Finally, Pinnacle Financial Partners Inc increased its holdings in Illinois Tool Works by 1.1% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 4,737 shares of the industrial products company's stock valued at $1,241,000 after purchasing an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ITW shares. Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a "strong-buy" rating in a research report on Wednesday, July 31st. Truist Financial lifted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $257.30.

Illinois Tool Works Stock Performance

Shares of ITW stock traded up $0.75 during mid-day trading on Friday, hitting $270.62. 913,018 shares of the stock were exchanged, compared to its average volume of 912,272. The stock's fifty day simple moving average is $260.09 and its two-hundred day simple moving average is $248.94. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58. The stock has a market capitalization of $79.91 billion, a price-to-earnings ratio of 23.41, a P/E/G ratio of 4.19 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm's revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.55 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.90%.

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.