Chesley Taft & Associates LLC Has $22.80 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Chesley Taft & Associates LLC cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,982 shares of the industrial products company’s stock after selling 1,384 shares during the quarter. Illinois Tool Works makes up approximately 1.1% of Chesley Taft & Associates LLC’s portfolio, making the stock its 28th biggest position. Chesley Taft & Associates LLC’s holdings in Illinois Tool Works were worth $22,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Steele Capital Management Inc. increased its holdings in shares of Illinois Tool Works by 4.9% in the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 40 shares during the period. EP Wealth Advisors LLC increased its holdings in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 42 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after purchasing an additional 44 shares during the period. Carson Advisory Inc. increased its holdings in shares of Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 45 shares during the period. Finally, Trifecta Capital Advisors LLC increased its holdings in shares of Illinois Tool Works by 0.8% in the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock worth $1,596,000 after purchasing an additional 46 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $256.08 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The firm has a 50-day moving average of $249.00 and a 200-day moving average of $247.86. The firm has a market cap of $76.41 billion, a P/E ratio of 25.25, a P/E/G ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS 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 analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $2.41 earnings per share. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.34%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 59.17%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research analyst reports. Evercore ISI reduced their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $251.78.

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.