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

Convergence Financial LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 959 shares of the industrial products company’s stock after selling 485 shares during the quarter. Convergence Financial LLC’s holdings in Illinois Tool Works were worth $251,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. International Assets Investment Management LLC increased its holdings in Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after buying an additional 322,192 shares during the last quarter. AXA S.A. increased its holdings in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after buying an additional 241,618 shares during the last quarter. Guinness Asset Management LTD increased its holdings in Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after buying an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after buying an additional 133,853 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Illinois Tool Works by 2,334.0% in the first quarter. SG Americas Securities LLC now owns 127,152 shares of the industrial products company’s stock valued at $34,119,000 after buying an additional 121,928 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $254.08 on Friday. 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 stock has a 50 day simple moving average of $254.08 and a 200-day simple moving average of $247.23. The company has a market cap of $75.82 billion, a PE ratio of 25.06, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $221.82 and a 12-month 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 earnings per share (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 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 business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.41 earnings per share. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Evercore ISI lowered their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.