Chesapeake Wealth Management Sells 51 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Chesapeake Wealth Management lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,807 shares of the industrial products company’s stock after selling 51 shares during the quarter. Chesapeake Wealth Management’s holdings in Illinois Tool Works were worth $428,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth about $26,000. Security National Bank bought a new position in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the 1st quarter valued at $34,000. Finally, General Partner Inc. purchased a new position in Illinois Tool Works during the 1st quarter worth $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 1.4 %

Illinois Tool Works stock opened at $254.32 on Friday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a market cap of $75.89 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The stock has a fifty day moving average of $246.24 and a 200 day moving average of $248.29. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.41 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ITW. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Wells Fargo & Company upped their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Barclays dropped their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Finally, Evercore ISI reduced their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $250.22.

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.