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

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Ascension Asset Management LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,260 shares of the industrial products company’s stock after selling 1,075 shares during the quarter. Illinois Tool Works comprises about 1.6% of Ascension Asset Management LLC’s investment portfolio, making the stock its 24th biggest holding. Ascension Asset Management LLC’s holdings in Illinois Tool Works were worth $1,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Hexavest Inc. purchased a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $26,000. Asset Dedication LLC boosted its holdings in shares of Illinois Tool Works by 105.3% during the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 100 shares during the last quarter. Strategic Blueprint LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $31,000. Garrett Wealth Advisory Group LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $33,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 75.4% during the 2nd quarter. Golden State Wealth Management LLC now owns 307 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 132 shares during the last quarter. 77.57% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on ITW shares. UBS Group raised their price target on shares of Illinois Tool Works from $150.00 to $154.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Morgan Stanley dropped their price target on shares of Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus set a $143.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup lowered their price objective on shares of Illinois Tool Works from $158.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Goldman Sachs Group cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 price objective on the stock. in a research note on Monday, September 23rd. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $141.50.

NYSE ITW opened at $161.58 on Wednesday. Illinois Tool Works Inc. has a 12 month low of $117.75 and a 12 month high of $162.14. The stock has a market cap of $51.59 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 2.83 and a beta of 1.22. The company’s 50 day moving average is $154.28 and its two-hundred day moving average is $151.73. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Friday, July 26th. The industrial products company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.03. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter last year, the business earned $1.97 EPS. The firm’s revenue was down 5.8% compared to the same quarter last year. Sell-side analysts forecast that Illinois Tool Works Inc. will post 7.68 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th were paid a dividend of $1.07 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Friday, September 27th. This represents a $4.28 dividend on an annualized basis and a yield of 2.65%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 56.32%.

In other Illinois Tool Works news, insider Michael R. Zimmerman sold 9,325 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the sale, the insider now owns 16,315 shares in the company, valued at approximately $2,610,400. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Juan Valls sold 64,894 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $160.51, for a total transaction of $10,416,135.94. Following the sale, the executive vice president now owns 67,047 shares in the company, valued at approximately $10,761,713.97. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,458 shares of company stock worth $25,172,163. 0.87% of the stock is owned by company insiders.

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.

Further Reading: What is Considered a Good Return on Equity (ROE)?

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

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