CIBC Asset Management Inc Has $14.32 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

CIBC Asset Management Inc raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 5.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,655 shares of the industrial products company’s stock after acquiring 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 filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairscale Capital LLC acquired a new stake in Illinois Tool Works in the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $32,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. grew its position in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $270.62 on Friday. 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 twelve month low of $232.77 and a twelve month high of $277.58. The firm’s 50 day moving average price is $260.09 and its two-hundred day moving average price is $248.94. The firm has a market cap of $79.91 billion, a P/E ratio of 23.41, a PEG ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.55 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Wall Street Analysts Forecast Growth

ITW has been the subject of several analyst reports. Truist Financial lifted their price target 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. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price objective for the company from $246.00 to $255.00 in a report on Wednesday. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Barclays boosted their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works 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.