Canada Pension Plan Investment Board Has $16.06 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Canada Pension Plan Investment Board decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 16.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 67,773 shares of the industrial products company’s stock after selling 13,703 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Illinois Tool Works were worth $16,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ITW. Security National Bank purchased a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 1st quarter worth approximately $34,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 2nd quarter valued at $30,000. Rise Advisors LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $35,000. Finally, General Partner Inc. acquired a new stake in shares of Illinois Tool Works in the first quarter worth $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ITW shares. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays reduced their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Evercore ISI decreased their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Stock Up 0.9 %

ITW stock opened at $256.72 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The firm has a market cap of $76.61 billion, a PE ratio of 25.32, a PEG ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a fifty day simple moving average of $246.44 and a 200 day simple moving average of $248.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the firm posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

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.