CIBC Asset Management Inc Buys 24,129 Shares of Illinois Tool Works Inc. $ITW

Key Points

• CIBC Asset Management increased its Illinois Tool Works stake by 26.9% in the fourth quarter, buying 24,129 more shares and bringing its total holding to 113,989 shares worth about $28.1 million.
• Several other institutional investors also added to their positions, and institutions now own 79.77% of Illinois Tool Works stock.
• Analysts remain cautious overall: the stock carries a consensus rating of “Reduce” with an average price target of $271.92, while the company recently beat quarterly earnings estimates and raised its dividend to $1.61 per share.

CIBC Asset Management Inc raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 26.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 113,989 shares of the industrial products company's stock after purchasing an additional 24,129 shares during the period. CIBC Asset Management Inc's holdings in Illinois Tool Works were worth $28,075,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Meridian Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 1.3% during the 4th quarter. Meridian Wealth Management LLC now owns 2,818 shares of the industrial products company's stock valued at $694,000 after purchasing an additional 37 shares during the last quarter. Mayflower Financial Advisors LLC boosted its holdings in shares of Illinois Tool Works by 3.8% during the 4th quarter. Mayflower Financial Advisors LLC now owns 1,065 shares of the industrial products company's stock valued at $262,000 after purchasing an additional 39 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 1.4% during the 4th quarter. Revisor Wealth Management LLC now owns 2,841 shares of the industrial products company's stock valued at $734,000 after purchasing an additional 39 shares during the last quarter. Concord Asset Management LLC VA boosted its holdings in shares of Illinois Tool Works by 1.1% during the 4th quarter. Concord Asset Management LLC VA now owns 3,591 shares of the industrial products company's stock valued at $884,000 after purchasing an additional 39 shares during the last quarter. Finally, Planning Alternatives Ltd. ADV boosted its holdings in shares of Illinois Tool Works by 2.6% during the 4th quarter. Planning Alternatives Ltd. ADV now owns 1,558 shares of the industrial products company's stock valued at $384,000 after purchasing an additional 39 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ITW. Citigroup increased their price target on shares of Illinois Tool Works from $284.00 to $287.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Weiss Ratings downgraded shares of Illinois Tool Works from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. lowered their price target on shares of Illinois Tool Works from $303.00 to $295.00 and set an "overweight" rating for the company in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $254.00 price target on shares of Illinois Tool Works in a report on Thursday, April 30th. Finally, Robert W. Baird set a $278.00 price target on shares of Illinois Tool Works in a report on Wednesday, February 4th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $271.92.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $250.62 on Thursday. The firm has a market cap of $72.10 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 4.27 and a beta of 1.01. The firm's 50 day simple moving average is $259.23 and its 200-day simple moving average is $262.48. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.86 and a current ratio of 1.19.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The industrial products company reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.09. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 19.32% and a return on equity of 97.36%. Illinois Tool Works's revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted $2.38 earnings per share. Illinois Tool Works has set its FY 2026 guidance at 11.100-11.500 EPS. As a group, equities analysts predict that Illinois Tool Works Inc. will post 11.37 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a $1.61 dividend. This represents a $6.44 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is 59.80%.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.

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