CIBC World Markets Inc. Lowers Holdings in Illinois Tool Works Inc. (ITW)

CIBC World Markets Inc. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,780 shares of the industrial products company’s stock after selling 2,315 shares during the period. CIBC World Markets Inc.’s holdings in Illinois Tool Works were worth $5,269,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hudock Capital Group LLC grew its stake in shares of Illinois Tool Works by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,059 shares of the industrial products company’s stock worth $151,000 after acquiring an additional 5 shares in the last quarter. Washington Trust Bank grew its stake in shares of Illinois Tool Works by 1.1% in the 2nd quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock worth $140,000 after acquiring an additional 11 shares in the last quarter. Trust Co. of Virginia VA grew its stake in shares of Illinois Tool Works by 0.4% in the 1st quarter. Trust Co. of Virginia VA now owns 3,865 shares of the industrial products company’s stock worth $512,000 after acquiring an additional 15 shares in the last quarter. Sullivan Bruyette Speros & Blaney LLC grew its stake in shares of Illinois Tool Works by 1.1% in the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 2,102 shares of the industrial products company’s stock worth $301,000 after acquiring an additional 22 shares in the last quarter. Finally, Argent Trust Co grew its stake in shares of Illinois Tool Works by 1.0% in the 2nd quarter. Argent Trust Co now owns 2,215 shares of the industrial products company’s stock worth $317,000 after acquiring an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 74.79% of the company’s stock.

Several research firms have recently issued reports on ITW. Morgan Stanley reiterated an “equal weight” rating and issued a $147.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, October 2nd. J P Morgan Chase & Co upgraded shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $132.00 to $140.00 in a research note on Tuesday. Citigroup Inc. reiterated a “buy” rating and issued a $171.00 target price (up previously from $162.00) on shares of Illinois Tool Works in a research note on Monday. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 target price for the company in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $170.00 target price (up previously from $155.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $152.71.

Illinois Tool Works Inc. (ITW) opened at 151.44 on Thursday. Illinois Tool Works Inc. has a 52-week low of $111.50 and a 52-week high of $152.62. The company has a market cap of $52.12 billion, a price-to-earnings ratio of 24.50 and a beta of 1.12. The company’s 50-day moving average is $144.19 and its 200 day moving average is $141.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. Illinois Tool Works’s revenue was up 4.9% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post $6.47 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were given a $0.78 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a yield of 2.06%. Illinois Tool Works’s payout ratio is 50.49%.

In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is currently owned by insiders.

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About Illinois Tool Works

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

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

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