Cardinal Capital Management Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Cardinal Capital Management raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the third quarter, Holdings Channel reports. The fund owned 41,098 shares of the industrial products company’s stock after buying an additional 1,785 shares during the period. Illinois Tool Works makes up approximately 1.7% of Cardinal Capital Management’s portfolio, making the stock its 13th largest position. Cardinal Capital Management’s holdings in Illinois Tool Works were worth $10,831,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ITW. Nomura Holdings Inc. purchased a new stake in Illinois Tool Works in the fourth quarter worth $1,443,000. Rise Advisors LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth about $35,000. Wedmont Private Capital raised its stake in Illinois Tool Works by 16.4% in the 1st quarter. Wedmont Private Capital now owns 2,787 shares of the industrial products company’s stock valued at $732,000 after acquiring an additional 393 shares during the period. Park Avenue Securities LLC lifted its holdings in Illinois Tool Works by 3.2% during the first quarter. Park Avenue Securities LLC now owns 13,952 shares of the industrial products company’s stock valued at $3,744,000 after purchasing an additional 431 shares during the last quarter. Finally, RFG Advisory LLC boosted its position in Illinois Tool Works by 1.9% during the first quarter. RFG Advisory LLC now owns 4,221 shares of the industrial products company’s stock worth $1,133,000 after purchasing an additional 80 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $260.65 on Friday. The company’s fifty day moving average price is $251.94 and its 200-day moving average price is $247.59. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a market capitalization of $77.78 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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 analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the firm earned $2.41 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a $1.50 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s payout ratio is presently 59.17%.

Analysts Set New Price Targets

A number of brokerages recently commented on ITW. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group cut their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $255.44.

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.