4,803 Shares in Illinois Tool Works Inc. $ITW Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 4,803 shares of the industrial products company’s stock, valued at approximately $1,252,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Frazier Financial Advisors LLC purchased a new position in Illinois Tool Works during the 2nd quarter worth $25,000. Corsicana & Co. purchased a new stake in shares of Illinois Tool Works in the third quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at about $31,000. Vermillion & White Wealth Management Group LLC grew its position in Illinois Tool Works by 103.3% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 63 shares in the last quarter. Finally, True Wealth Design LLC increased its stake in Illinois Tool Works by 341.9% in the 3rd quarter. True Wealth Design LLC now owns 137 shares of the industrial products company’s stock valued at $36,000 after buying an additional 106 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Insider Buying and Selling

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the transaction, the director directly owned 39,249 shares in the company, valued at $9,625,817.25. This represents a 3.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Stock Up 1.2%

Shares of NYSE:ITW opened at $264.35 on Tuesday. The firm has a fifty day moving average price of $253.76 and a two-hundred day moving average price of $254.97. The company has a market cap of $76.69 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 13.99 and a beta of 1.15. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $278.13.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ITW. Wolfe Research upped their price objective on Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a research note on Thursday, January 15th. Barclays increased their price target on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Wednesday, January 28th. The Goldman Sachs Group downgraded shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and reduced their target price for the company from $258.00 to $230.00 in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $258.25.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.