Connor Clark & Lunn Investment Management Ltd. Buys 41,583 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 277.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,584 shares of the industrial products company’s stock after acquiring an additional 41,583 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Illinois Tool Works were worth $14,033,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ITW. Ameriflex Group Inc. bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works during the 1st quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc increased its stake in Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 84 shares in the last quarter. Park Square Financial Group LLC bought a new stake in Illinois Tool Works during the 4th quarter worth approximately $35,000. Finally, Olde Wealth Management LLC bought a new stake in Illinois Tool Works during the 1st quarter worth approximately $49,000. 79.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the purchase, the director owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.1%

Shares of Illinois Tool Works stock opened at $256.98 on Monday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The stock has a market cap of $74.91 billion, a P/E ratio of 22.52, a P/E/G ratio of 5.54 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. The business’s 50 day moving average is $252.29 and its 200-day moving average is $249.99.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the prior year, the business posted $2.54 EPS. The business’s revenue was up .6% compared to the same quarter last year. Equities research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a $1.61 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 56.44%.

Analyst Ratings Changes

A number of research firms recently issued reports on ITW. Barclays increased their target price on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Citigroup upped their price target on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. UBS Group upped their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $259.33.

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.