Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Confluence Investment Management LLC

Confluence Investment Management LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 0.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 282,523 shares of the industrial products company’s stock after buying an additional 1,337 shares during the period. Confluence Investment Management LLC’s holdings in Illinois Tool Works were worth $51,490,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of ITW. Capital Advisory Group Advisory Services LLC acquired a new stake in Illinois Tool Works during the first quarter worth about $31,000. Lansing Street Advisors acquired a new stake in Illinois Tool Works during the first quarter worth about $34,000. DeDora Capital Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $35,000. Intelligent Financial Strategies acquired a new stake in Illinois Tool Works during the fourth quarter worth about $37,000. Finally, Activest Wealth Management increased its position in Illinois Tool Works by 468.8% during the first quarter. Activest Wealth Management now owns 182 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 150 shares during the last quarter. 79.68% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Down 0.4 %

NYSE ITW opened at $194.06 on Monday. The firm has a 50 day simple moving average of $200.41 and a 200-day simple moving average of $200.93. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.02 and a current ratio of 1.48. Illinois Tool Works Inc. has a one year low of $173.52 and a one year high of $249.81. The firm has a market cap of $60.09 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 2.68 and a beta of 1.12.

Illinois Tool Works (NYSE:ITWGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.15. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The company had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the previous year, the firm earned $2.10 earnings per share. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. Equities research analysts anticipate that Illinois Tool Works Inc. will post 9.08 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $1.31 dividend. The ex-dividend date is Thursday, September 29th. This represents a $5.24 dividend on an annualized basis and a yield of 2.70%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s payout ratio is currently 57.89%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ITW shares. UBS Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $243.00 to $185.00 in a research note on Friday, July 8th. Barclays lowered their target price on shares of Illinois Tool Works from $180.00 to $167.00 and set an “underweight” rating for the company in a research note on Friday, July 8th. Robert W. Baird set a $213.00 target price on shares of Illinois Tool Works in a research note on Tuesday, August 2nd. Credit Suisse Group increased their target price on shares of Illinois Tool Works from $225.00 to $229.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. Finally, Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $206.00 to $163.00 in a research note on Monday, July 18th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $202.00.

About Illinois Tool Works

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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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