Connor Clark & Lunn Investment Management Ltd. Invests $37.63 Million in Illinois Tool Works Inc. $ITW

Connor Clark & Lunn Investment Management Ltd. bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 139,123 shares of the industrial products company’s stock, valued at approximately $37,629,000.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in Illinois Tool Works during the 2nd quarter worth about $6,296,349,000. Norges Bank bought a new position in shares of Illinois Tool Works in the 4th quarter valued at about $808,351,000. Bank of New York Mellon Corp acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $603,166,000. Deutsche Bank AG acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $221,746,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Illinois Tool Works during the second quarter worth approximately $180,734,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of a number of recent research reports. UBS Group reaffirmed a “neutral” rating and issued a $300.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $310.00 to $350.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Weiss Ratings raised Illinois Tool Works from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Truist Financial upped their price objective on Illinois Tool Works from $280.00 to $301.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Finally, Robert W. Baird lifted their price target on shares of Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Reduce” and a consensus price target of $281.25.

Illinois Tool Works Trading Up 0.6%

NYSE ITW opened at $283.97 on Tuesday. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.11 and a quick ratio of 0.81. The firm has a market cap of $80.88 billion, a P/E ratio of 25.75, a P/E/G ratio of 4.77 and a beta of 0.99. The stock’s 50-day moving average is $278.43 and its 200-day moving average is $271.59.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.19 billion. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.Illinois Tool Works’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.58 EPS. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 11.45 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a $1.72 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.88 annualized dividend and a yield of 2.4%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.61. Illinois Tool Works’s payout ratio is presently 58.39%.

Insider Buying and Selling

In other news, Director Ernest Scott Santi sold 41,431 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total value of $11,894,425.79. Following the sale, the director directly owned 266,288 shares in the company, valued at $76,448,621.92. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer F. Scanlon acquired 806 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was acquired at an average price of $247.99 per share, for a total transaction of $199,879.94. Following the completion of the acquisition, the director directly owned 1,652 shares of the company’s stock, valued at $409,679.48. The trade was a 95.27% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.83% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.