Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its holdings in Illinois Tool Works Inc. by 277.2%, acquiring an additional 41,583 shares and bringing its total to 56,584 shares valued at approximately $14 million.
• Illinois Tool Works recently declared a quarterly dividend of $1.61 per share, up from the previous $1.50, reflecting a positive growth in its dividend payout.
• The company reported a net margin of 21.31% in its latest earnings release, with a revenue of $4.05 billion during the quarter, surpassing analysts' expectations.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 277.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,584 shares of the industrial products company's stock after purchasing 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ITW. F M Investments LLC raised its position in Illinois Tool Works by 4.9% in the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 42 shares during the period. Trust Co of the South raised its stake in shares of Illinois Tool Works by 2.9% in the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after acquiring an additional 42 shares in the last quarter. Clearstead Trust LLC raised its stake in Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock valued at $1,180,000 after buying an additional 43 shares in the last quarter. Northern Financial Advisors Inc raised its stake in Illinois Tool Works by 1.9% in the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock valued at $582,000 after buying an additional 44 shares in the last quarter. Finally, Integrated Advisors Network LLC raised its stake in Illinois Tool Works by 0.8% in the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after buying an additional 45 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

ITW traded down $4.75 during trading on Thursday, reaching $262.57. The company's stock had a trading volume of 1,167,462 shares, compared to its average volume of 1,091,660. The company's fifty day moving average price is $253.29 and its 200-day moving average price is $250.16. The company has a market capitalization of $76.54 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 5.62 and a beta of 1.09. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 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 return on equity of 90.89% and a net margin of 21.31%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.54 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. 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. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. Illinois Tool Works's dividend payout ratio is presently 56.44%.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ITW shares. Barclays raised their price objective on Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Wells Fargo & Company raised their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a report on Thursday, July 31st. Stifel Nicolaus raised their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Finally, UBS Group raised their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $259.33.

Illinois Tool Works Company 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.