Chicago Capital LLC Has $6.35 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Chicago Capital LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,583 shares of the industrial products company’s stock after selling 1,864 shares during the quarter. Chicago Capital LLC’s holdings in Illinois Tool Works were worth $6,345,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Illinois Tool Works during the fourth quarter valued at $806,291,000. GAMMA Investing LLC raised its stake in shares of Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at about $203,949,000. Cerity Partners LLC grew its stake in shares of Illinois Tool Works by 263.9% in the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after buying an additional 655,341 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Illinois Tool Works by 3.9% in the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after buying an additional 508,188 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director now directly owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 1.2%

Shares of ITW opened at $244.29 on Tuesday. The stock’s 50-day moving average price is $241.65 and its 200 day moving average price is $251.74. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $71.58 billion, a price-to-earnings ratio of 20.84, a P/E/G ratio of 4.56 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Illinois Tool Works’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.44 earnings per share. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.46%. Illinois Tool Works’s payout ratio is currently 52.77%.

Analysts Set New Price Targets

ITW has been the subject of several recent research reports. Barclays decreased their target price on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target for the company. in a research report on Wednesday, May 7th. Truist Financial lowered their price objective on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Finally, Stifel Nicolaus boosted their target price on Illinois Tool Works from $227.00 to $233.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $253.42.

Illinois Tool Works Profile

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.