Chevy Chase Trust Holdings LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Chevy Chase Trust Holdings LLC trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 151,061 shares of the industrial products company’s stock after selling 3,391 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Illinois Tool Works were worth $39,589,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ITW. Fisher Asset Management LLC raised its stake in Illinois Tool Works by 4.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after purchasing an additional 135,023 shares during the period. Legal & General Group Plc grew its holdings in Illinois Tool Works by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Illinois Tool Works by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company’s stock valued at $484,685,000 after buying an additional 32,656 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Illinois Tool Works by 0.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company’s stock worth $326,819,000 after acquiring an additional 9,563 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

NYSE:ITW opened at $278.50 on Tuesday. The firm has a market capitalization of $82.24 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 4.30 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The business has a 50 day simple moving average of $264.35 and a 200-day simple moving average of $250.78. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the company earned $2.55 earnings per share. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.15%. Illinois Tool Works’s payout ratio is 51.90%.

Illinois Tool Works Company 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.