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

Canada Pension Plan Investment Board raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 1,395.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,439 shares of the industrial products company’s stock after buying an additional 45,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Illinois Tool Works were worth $11,156,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Illinois Tool Works from $265.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, October 16th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $238.00 to $239.00 and gave the stock a “hold” rating in a report on Tuesday, January 23rd. Barclays raised their target price on shares of Illinois Tool Works from $215.00 to $224.00 and gave the stock an “underweight” rating in a report on Monday, February 5th. Finally, Citigroup raised their target price on shares of Illinois Tool Works from $244.00 to $256.00 and gave the stock a “neutral” rating in a report on Monday, December 11th. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $239.33.

Read Our Latest Stock Report on ITW

Illinois Tool Works Stock Performance

ITW stock opened at $256.44 on Tuesday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. The stock has a market cap of $77.16 billion, a P/E ratio of 26.33, a P/E/G ratio of 4.39 and a beta of 1.15. The firm has a 50 day simple moving average of $256.87 and a 200 day simple moving average of $244.13. Illinois Tool Works Inc. has a 52 week low of $217.06 and a 52 week high of $267.12.

Illinois Tool Works (NYSE:ITWGet Free Report) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company posted $2.34 earnings per share. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Friday, March 29th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.78% of the company’s stock.

Illinois Tool Works Company Profile

(Free Report)

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.

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

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