Chapin Davis Inc. Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Chapin Davis Inc. lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,261 shares of the industrial products company’s stock after selling 100 shares during the period. Chapin Davis Inc.’s holdings in Illinois Tool Works were worth $338,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the fourth quarter worth approximately $28,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Illinois Tool Works during the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. Barclays cut 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. Truist Financial increased their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $256.44.

Illinois Tool Works Trading Down 1.5 %

NYSE ITW opened at $233.41 on Tuesday. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The company has a market capitalization of $69.65 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10. The company’s fifty day moving average price is $243.51 and its two-hundred day moving average price is $253.84.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the firm posted $2.33 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.22 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.40%. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The shares were purchased at an average price of $238.82 per share, with a total value of $185,085.50. Following the purchase, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.26% of the company’s stock.

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.