Convergence Investment Partners LLC Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

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Convergence Investment Partners LLC grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,482 shares of the industrial products company’s stock after buying an additional 1,234 shares during the period. Convergence Investment Partners LLC’s holdings in Illinois Tool Works were worth $2,182,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Jacobi Capital Management LLC raised its stake in Illinois Tool Works by 64.7% during the 2nd quarter. Jacobi Capital Management LLC now owns 12,500 shares of the industrial products company’s stock worth $1,371,000 after acquiring an additional 4,912 shares during the period. Chicago Equity Partners LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $675,000. BDO Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $107,000. Center for Financial Planning Inc. lifted its stake in shares of Illinois Tool Works by 1.3% during the 1st quarter. Center for Financial Planning Inc. now owns 5,093 shares of the industrial products company’s stock valued at $724,000 after buying an additional 65 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of Illinois Tool Works by 0.8% in the first quarter. Nisa Investment Advisors LLC now owns 167,887 shares of the industrial products company’s stock valued at $23,860,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors own 78.81% of the company’s stock.

Several analysts recently issued reports on ITW shares. Credit Suisse Group decreased their target price on Illinois Tool Works from $151.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Zacks Investment Research raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $187.00 target price for the company in a research note on Thursday, May 28th. JPMorgan Chase & Co. decreased their price target on shares of Illinois Tool Works from $160.00 to $156.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Citigroup boosted their target price on Illinois Tool Works from $145.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Deutsche Bank upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating and increased their price objective for the company from $124.00 to $148.00 in a research report on Tuesday, May 5th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. Illinois Tool Works has a consensus rating of “Hold” and an average price target of $160.81.

In other news, CEO Ernest Scott Santi acquired 6,300 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $158.42 per share, with a total value of $998,046.00. Following the completion of the acquisition, the chief executive officer now owns 141,994 shares in the company, valued at approximately $22,494,689.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Lenny bought 1,575 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $159.19 per share, for a total transaction of $250,724.25. The disclosure for this purchase can be found here. Corporate insiders own 0.79% of the company’s stock.

ITW stock traded down $0.68 during midday trading on Friday, hitting $184.99. 1,234,651 shares of the company’s stock were exchanged, compared to its average volume of 939,059. The business has a 50-day simple moving average of $175.28 and a two-hundred day simple moving average of $168.07. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 3.37. The stock has a market capitalization of $58.66 billion, a PE ratio of 23.99, a P/E/G ratio of 4.65 and a beta of 1.16. Illinois Tool Works Inc. has a 1-year low of $115.94 and a 1-year high of $190.85.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.31. Illinois Tool Works had a return on equity of 87.33% and a net margin of 18.06%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the prior year, the firm earned $1.91 earnings per share. The firm’s revenue was down 29.0% compared to the same quarter last year. As a group, research analysts expect that Illinois Tool Works Inc. will post 5.27 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.31%. Illinois Tool Works’s payout ratio is currently 55.23%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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