Chevy Chase Trust Holdings LLC Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Chevy Chase Trust Holdings LLC lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 156,837 shares of the industrial products company’s stock after selling 1,965 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Illinois Tool Works worth $42,084,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Townsquare Capital LLC raised its holdings in shares of Illinois Tool Works by 3.6% during the third quarter. Townsquare Capital LLC now owns 6,750 shares of the industrial products company’s stock worth $1,555,000 after purchasing an additional 232 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in Illinois Tool Works by 2.3% during the third quarter. Integrated Wealth Concepts LLC now owns 9,548 shares of the industrial products company’s stock valued at $2,199,000 after buying an additional 215 shares during the period. Advisors Capital Management LLC grew its position in Illinois Tool Works by 5.6% during the third quarter. Advisors Capital Management LLC now owns 1,867 shares of the industrial products company’s stock valued at $430,000 after buying an additional 99 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at about $58,000. Finally, Comerica Bank grew its position in shares of Illinois Tool Works by 365.2% in the third quarter. Comerica Bank now owns 81,358 shares of the industrial products company’s stock valued at $18,737,000 after purchasing an additional 63,870 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.3 %

ITW stock traded up $0.64 during trading on Wednesday, reaching $234.70. 299,533 shares of the stock were exchanged, compared to its average volume of 1,173,378. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The business has a 50 day moving average price of $241.51 and a 200-day moving average price of $252.64. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The firm has a market capitalization of $70.03 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 3.45 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.33 earnings per share. On average, research analysts predict that Illinois Tool Works Inc. will post 10.19 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial dropped their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday, July 2nd. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday, July 1st. Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Barclays decreased their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $252.44.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.26% 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.