Convergence Financial LLC Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Convergence Financial LLC decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 33.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 959 shares of the industrial products company’s stock after selling 485 shares during the period. Convergence Financial LLC’s holdings in Illinois Tool Works were worth $251,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter worth $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the third quarter worth $35,000. Meeder Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 2,162.5% during the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.6 %

NYSE:ITW opened at $254.08 on Friday. The business’s 50-day moving average is $254.08 and its two-hundred day moving average is $247.23. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a 12 month low of $221.82 and a 12 month high of $271.15. The firm has a market capitalization of $75.82 billion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the company posted $2.41 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ITW shares. Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $255.44.

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.