Connor Clark & Lunn Investment Management Ltd. Has $6.86 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 84.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,177 shares of the industrial products company’s stock after selling 137,731 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Illinois Tool Works were worth $6,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ITW. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works during the second quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new stake in Illinois Tool Works during the 3rd quarter worth approximately $32,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the second quarter worth approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price target 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. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Truist Financial lifted their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird increased their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $273.94 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a fifty day simple moving average of $262.20 and a two-hundred day simple moving average of $249.80. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The firm has a market cap of $80.89 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth ratio of 4.13 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

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.