Connor Clark & Lunn Investment Management Ltd. Has $3.80 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,001 shares of the industrial products company's stock after selling 11,176 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Illinois Tool Works were worth $3,804,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Baron Wealth Management LLC grew its position in Illinois Tool Works by 4.5% during the fourth quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company's stock valued at $231,000 after acquiring an additional 39 shares during the period. TrinityPoint Wealth LLC grew its position in Illinois Tool Works by 1.0% during the third quarter. TrinityPoint Wealth LLC now owns 4,208 shares of the industrial products company's stock valued at $1,103,000 after acquiring an additional 43 shares during the period. Cypress Capital Group grew its position in Illinois Tool Works by 1.2% during the third quarter. Cypress Capital Group now owns 3,671 shares of the industrial products company's stock valued at $962,000 after acquiring an additional 43 shares during the period. Capital Advisors Ltd. LLC grew its position in Illinois Tool Works by 3.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company's stock valued at $398,000 after acquiring an additional 46 shares during the period. Finally, Valmark Advisers Inc. boosted its position in shares of Illinois Tool Works by 0.5% in the fourth quarter. Valmark Advisers Inc. now owns 9,240 shares of the industrial products company's stock worth $2,343,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have recently weighed in on ITW. Wells Fargo & Company decreased their target price on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research report on Thursday, February 6th. JPMorgan Chase & Co. decreased their target price on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. StockNews.com downgraded Illinois Tool Works from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research report on Monday, January 13th. Finally, Evercore ISI cut their price target on Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating on the stock in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $269.10.

Insiders Place Their Bets

In related news, Director Ernest Scott Santi sold 70,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now owns 260,224 shares of the company's stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the completion of the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. This represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Performance

ITW stock traded down $3.05 on Thursday, reaching $253.19. The company's stock had a trading volume of 841,664 shares, compared to its average volume of 932,122. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a market capitalization of $74.31 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. The firm has a fifty day moving average of $258.24 and a two-hundred day moving average of $260.45. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.37%. The ex-dividend date is Monday, March 31st. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

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.