Confluence Investment Management LLC Sells 5,007 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Confluence Investment Management LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 260,961 shares of the industrial products company’s stock after selling 5,007 shares during the period. Confluence Investment Management LLC owned approximately 0.09% of Illinois Tool Works worth $65,282,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ITW. Aspire Private Capital LLC acquired a new position in Illinois Tool Works during the 1st quarter worth $16,798,050,000. Creative Capital Management Investments LLC raised its position in shares of Illinois Tool Works by 145.2% during the first quarter. Creative Capital Management Investments LLC now owns 103 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 61 shares during the last quarter. Sturgeon Ventures LLP acquired a new position in shares of Illinois Tool Works during the first quarter valued at $26,000. Quarry LP increased its position in Illinois Tool Works by 52.7% in the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares during the period. Finally, Ritter Daniher Financial Advisory LLC DE increased its position in Illinois Tool Works by 43.5% in the first quarter. Ritter Daniher Financial Advisory LLC DE now owns 165 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 50 shares during the period. 79.56% of the stock is owned by institutional investors.

Illinois Tool Works Trading Up 0.2 %

NYSE:ITW opened at $237.91 on Thursday. The business’s 50-day simple moving average is $246.32 and its 200-day simple moving average is $238.69. Illinois Tool Works Inc. has a fifty-two week low of $180.27 and a fifty-two week high of $264.19. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.59 and a quick ratio of 1.11. The stock has a market capitalization of $71.94 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of 4.25 and a beta of 1.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.02. Illinois Tool Works had a net margin of 19.30% and a return on equity of 94.14%. The company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same quarter in the prior year, the company earned $2.37 earnings per share. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. Sell-side analysts expect that Illinois Tool Works Inc. will post 9.74 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Friday, September 29th will be paid a $1.40 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, September 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.35%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.39%.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent research reports. Morgan Stanley raised their target price on shares of Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a research note on Thursday, August 3rd. Credit Suisse Group lifted their target price on shares of Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Stifel Nicolaus increased their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company a “hold” rating in a research note on Wednesday, July 19th. Citigroup lifted their price objective on Illinois Tool Works from $256.00 to $258.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company raised their target price on Illinois Tool Works from $235.00 to $240.00 in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $237.18.

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.