Convergence Financial LLC Purchases 65 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Convergence Financial LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,024 shares of the industrial products company’s stock after acquiring an additional 65 shares during the quarter. Convergence Financial LLC’s holdings in Illinois Tool Works were worth $260,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sugar Maple Asset Management LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $28,000. True Wealth Design LLC grew its stake in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth $32,000. Ulland Investment Advisors LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $33,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of Illinois Tool Works during the fourth quarter worth $37,000. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Truist Financial boosted their target price 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. Wells Fargo & Company decreased their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Stifel Nicolaus decreased their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Finally, Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $269.30.

Insider Transactions at Illinois Tool Works

In related news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the sale, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.26% of the stock is owned by corporate insiders.

Illinois Tool Works Price Performance

NYSE:ITW opened at $261.30 on Thursday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock’s 50 day moving average price is $256.84 and its two-hundred day moving average price is $258.93. The firm has a market capitalization of $76.69 billion, a price-to-earnings ratio of 22.29, a P/E/G ratio of 4.56 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping 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%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Illinois Tool Works Company 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.