Ascension Asset Management LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Ascension Asset Management LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,476 shares of the industrial products company’s stock after selling 50 shares during the period. Illinois Tool Works makes up about 1.2% of Ascension Asset Management LLC’s investment portfolio, making the stock its 26th largest holding. Ascension Asset Management LLC’s holdings in Illinois Tool Works were worth $2,245,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Creative Planning increased its holdings in shares of Illinois Tool Works by 0.5% during the second quarter. Creative Planning now owns 86,130 shares of the industrial products company’s stock valued at $20,409,000 after acquiring an additional 429 shares in the last quarter. MidWestOne Financial Group Inc. grew its position in Illinois Tool Works by 29.9% during the 2nd quarter. MidWestOne Financial Group Inc. now owns 3,668 shares of the industrial products company’s stock valued at $869,000 after purchasing an additional 845 shares during the last quarter. Kathmere Capital Management LLC raised its holdings in Illinois Tool Works by 31.2% in the second quarter. Kathmere Capital Management LLC now owns 4,853 shares of the industrial products company’s stock worth $1,150,000 after buying an additional 1,155 shares during the last quarter. Security National Bank of SO Dak raised its holdings in Illinois Tool Works by 6.2% in the second quarter. Security National Bank of SO Dak now owns 7,444 shares of the industrial products company’s stock worth $1,764,000 after buying an additional 435 shares during the last quarter. Finally, Scientech Research LLC purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $970,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.8 %

Illinois Tool Works stock opened at $263.97 on Friday. The business has a 50-day simple moving average of $247.31 and a two-hundred day simple moving average of $248.16. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market cap of $78.77 billion, a P/E ratio of 26.03, a P/E/G ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the prior year, the company earned $2.41 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $1.50 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Analyst Ratings Changes

ITW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. Barclays reduced their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $250.22.

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.