Blue Chip Partners LLC Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Blue Chip Partners LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,696 shares of the industrial products company’s stock after selling 330 shares during the quarter. Blue Chip Partners LLC’s holdings in Illinois Tool Works were worth $684,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Sugar Maple Asset Management LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC raised its position in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the third quarter worth $32,000. Ulland Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $33,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ITW shares. Citigroup reduced their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Jefferies Financial Group raised their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Robert W. Baird upped their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $271.00.

Illinois Tool Works Stock Down 0.8 %

NYSE:ITW opened at $257.98 on Monday. The stock has a 50-day simple moving average of $258.13 and a 200 day simple moving average of $257.79. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a market capitalization of $76.18 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 4.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.38 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is currently 51.19%.

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.