Illinois Tool Works Inc. (ITW) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 40.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,910 shares of the industrial products company’s stock after acquiring an additional 44,800 shares during the period. Canada Pension Plan Investment Board’s holdings in Illinois Tool Works were worth $21,861,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Illinois Tool Works by 17.0% in the second quarter. Signaturefd LLC now owns 2,564 shares of the industrial products company’s stock worth $355,000 after purchasing an additional 372 shares during the last quarter. Sky Investment Group LLC increased its holdings in shares of Illinois Tool Works by 0.9% in the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock worth $6,270,000 after purchasing an additional 385 shares during the last quarter. First National Bank of Omaha increased its holdings in shares of Illinois Tool Works by 20.9% in the third quarter. First National Bank of Omaha now owns 2,280 shares of the industrial products company’s stock worth $321,000 after purchasing an additional 394 shares during the last quarter. Rockland Trust Co. increased its holdings in shares of Illinois Tool Works by 12.5% in the third quarter. Rockland Trust Co. now owns 3,796 shares of the industrial products company’s stock worth $536,000 after purchasing an additional 422 shares during the last quarter. Finally, Eads & Heald Wealth Management increased its holdings in shares of Illinois Tool Works by 2.9% in the third quarter. Eads & Heald Wealth Management now owns 15,437 shares of the industrial products company’s stock worth $2,178,000 after purchasing an additional 429 shares during the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.

Several equities research analysts have weighed in on the company. Zacks Investment Research raised Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. ValuEngine cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Morgan Stanley assumed coverage on Illinois Tool Works in a research note on Monday, August 20th. They set an “equal weight” rating and a $146.00 price objective on the stock. Wells Fargo & Co reissued a “buy” rating and set a $150.00 price objective (down from $160.00) on shares of Illinois Tool Works in a research note on Wednesday, October 17th. Finally, Gordon Haskett assumed coverage on Illinois Tool Works in a research note on Friday, October 12th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. Illinois Tool Works has an average rating of “Hold” and an average target price of $147.69.

Shares of NYSE ITW opened at $135.90 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.26 and a debt-to-equity ratio of 1.71. Illinois Tool Works Inc. has a 1-year low of $119.38 and a 1-year high of $179.07. The company has a market cap of $45.80 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.83 and a beta of 1.26.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.02. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.71 earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, analysts predict that Illinois Tool Works Inc. will post 7.6 EPS for the current fiscal year.

Illinois Tool Works declared that its Board of Directors has initiated a stock buyback plan on Friday, August 3rd that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 10th. Shareholders of record on Monday, December 31st will be given a dividend of $1.00 per share. The ex-dividend date is Friday, December 28th. This represents a $4.00 annualized dividend and a dividend yield of 2.94%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 60.70%.

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Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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