Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Cardinal Capital Management

Cardinal Capital Management grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,736 shares of the industrial products company’s stock after buying an additional 551 shares during the quarter. Illinois Tool Works accounts for about 1.6% of Cardinal Capital Management’s investment portfolio, making the stock its 15th largest holding. Cardinal Capital Management’s holdings in Illinois Tool Works were worth $10,413,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Prudent Man Investment Management Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at approximately $25,000. Ameriflex Group Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at $26,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at $26,000. Glass Jacobson Investment Advisors llc boosted its stake in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in Illinois Tool Works during the fourth quarter valued at about $31,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $244.29 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The business’s 50 day moving average is $241.65 and its two-hundred day moving average is $251.74. The company has a market cap of $71.58 billion, a P/E ratio of 20.84, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the firm earned $2.44 EPS. Illinois Tool Works’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works’s dividend payout ratio is 52.77%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Citigroup decreased their price target on Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Barclays cut their price target on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Robert W. Baird raised their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price objective on Illinois Tool Works from $227.00 to $233.00 and gave the company a “hold” rating in a research note on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $253.42.

Insider Activity at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.88% of the stock is owned by insiders.

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.