Chicago Capital LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Chicago Capital LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,583 shares of the industrial products company's stock after selling 1,864 shares during the period. Chicago Capital LLC's holdings in Illinois Tool Works were worth $6,345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ITW. F M Investments LLC boosted its position in Illinois Tool Works by 4.9% during the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock worth $227,000 after buying an additional 42 shares during the period. Trust Co of the South boosted its position in Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock worth $367,000 after buying an additional 42 shares during the period. Harbour Investments Inc. boosted its position in Illinois Tool Works by 1.2% during the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company's stock worth $937,000 after buying an additional 44 shares during the period. Integrated Advisors Network LLC boosted its position in Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after buying an additional 45 shares during the period. Finally, Capital Advisors Ltd. LLC boosted its position in Illinois Tool Works by 3.0% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,569 shares of the industrial products company's stock worth $398,000 after buying an additional 46 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 0.0%

NYSE ITW traded down $0.05 during trading hours on Wednesday, hitting $241.13. The company's stock had a trading volume of 673,278 shares, compared to its average volume of 1,006,945. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a market capitalization of $70.65 billion, a PE ratio of 21.21, a price-to-earnings-growth ratio of 5.19 and a beta of 1.10. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The company's 50-day simple moving average is $241.77 and its two-hundred day simple moving average is $251.66.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.44 EPS. Research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio is 52.77%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ITW shares. Barclays lowered their price target on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Citigroup lowered their price target on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Evercore ISI lowered their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Finally, Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target for the company. in a report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and an average price target of $253.42.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director now owns 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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.