CCM Investment Group LLC Acquires Shares of 18,477 Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• CCM Investment Group LLC has acquired 18,477 shares of Illinois Tool Works Inc., valued at approximately $4.5 million, marking a significant new investment in the industrial products company.
• Illinois Tool Works recently declared a quarterly dividend of $1.61 per share, reflecting an increase from the previous $1.50, and a yield of 2.5% for investors.
• Wall Street analysts have mixed ratings on Illinois Tool Works, with an average price target of $259.33 and three analysts rating the stock as a sell.

CCM Investment Group LLC bought a new stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 18,477 shares of the industrial products company's stock, valued at approximately $4,526,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc increased its position 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 acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $35,000. Finally, Olde Wealth Management LLC acquired a new position in Illinois Tool Works during the 1st quarter worth approximately $49,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 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 this link. Company insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ITW shares. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a report on Wednesday, May 7th. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. UBS Group boosted their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Citigroup boosted their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Barclays boosted their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $259.33.

Illinois Tool Works Stock Up 1.4%

NYSE ITW traded up $3.68 on Tuesday, hitting $260.57. 637,766 shares of the company were exchanged, compared to its average volume of 1,012,164. The company has a market cap of $75.96 billion, a PE ratio of 22.84, a PEG ratio of 5.54 and a beta of 1.09. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The stock has a fifty day moving average of $252.88 and a 200-day moving average of $250.05. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. Illinois Tool Works's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.54 earnings per share. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be paid a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 30th. Illinois Tool Works's payout ratio is 52.59%.

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.