Connor Clark & Lunn Investment Management Ltd. Sells 11,176 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Connor Clark & Lunn Investment Management Ltd. reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 42.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,001 shares of the industrial products company’s stock after selling 11,176 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Illinois Tool Works were worth $3,804,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in Illinois Tool Works during the fourth quarter worth $203,949,000. Proficio Capital Partners LLC boosted its stake in Illinois Tool Works by 36,632.9% during the fourth quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock worth $111,209,000 after acquiring an additional 437,397 shares in the last quarter. Franklin Resources Inc. boosted its stake in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after acquiring an additional 398,676 shares in the last quarter. National Bank of Canada FI boosted its stake in Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after acquiring an additional 308,935 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after acquiring an additional 167,422 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ITW. Jefferies Financial Group increased their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Truist Financial raised their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Finally, Citigroup dropped their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $269.10.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $254.72 on Monday. The firm has a 50-day moving average of $257.83 and a 200-day moving average of $260.43. The company has a market cap of $74.76 billion, a P/E ratio of 21.73, a P/E/G ratio of 4.56 and a beta of 1.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares in the company, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the sale, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This trade represents a 21.20 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 159,925 shares of company stock worth $42,973,845. Insiders own 0.88% of the company’s stock.

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.