Cardinal Capital Management Has $10.41 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Cardinal Capital Management grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 41,736 shares of the industrial products company’s stock after purchasing an additional 551 shares during the quarter. Illinois Tool Works comprises about 1.6% of Cardinal Capital Management’s investment portfolio, making the stock its 15th largest position. Cardinal Capital Management’s holdings in Illinois Tool Works were worth $10,413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of ITW. Norges Bank acquired a new position in Illinois Tool Works in the fourth quarter worth $806,291,000. GAMMA Investing LLC raised its position in shares of Illinois Tool Works by 26,372.8% during the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after acquiring an additional 2,057,872 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Illinois Tool Works during the fourth quarter worth $203,949,000. Cerity Partners LLC raised its position in shares of Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock worth $229,269,000 after acquiring an additional 655,341 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after acquiring an additional 508,188 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director now directly owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by insiders.

Illinois Tool Works Trading Up 1.2%

NYSE ITW opened at $244.29 on Tuesday. The stock has a 50-day simple moving average of $241.65 and a 200 day simple moving average of $251.74. The company has a market capitalization of $71.58 billion, a PE ratio of 20.84, a P/E/G ratio of 4.56 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the company earned $2.44 earnings per share. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. Research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.46%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 52.77%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent research reports. Stifel Nicolaus boosted their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research report on Wednesday, February 19th. UBS Group dropped their target price on Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Robert W. Baird boosted their target price on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Finally, Citigroup dropped their target price on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $253.42.

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.