Confluence Investment Management LLC Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Confluence Investment Management LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,962 shares of the industrial products company's stock after selling 2,962 shares during the quarter. Confluence Investment Management LLC owned about 0.08% of Illinois Tool Works worth $62,887,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norden Group LLC boosted its stake in Illinois Tool Works by 30.6% during the 1st quarter. Norden Group LLC now owns 1,738 shares of the industrial products company's stock valued at $466,000 after purchasing an additional 407 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company's stock valued at $9,907,000 after buying an additional 16,216 shares during the last quarter. Quantbot Technologies LP lifted its stake in Illinois Tool Works by 181.1% during the 1st quarter. Quantbot Technologies LP now owns 9,190 shares of the industrial products company's stock valued at $2,466,000 after acquiring an additional 5,921 shares in the last quarter. Empowered Funds LLC boosted its holdings in Illinois Tool Works by 212.9% during the 1st quarter. Empowered Funds LLC now owns 13,314 shares of the industrial products company's stock worth $3,573,000 after acquiring an additional 9,059 shares during the last quarter. Finally, PFG Advisors grew its stake in shares of Illinois Tool Works by 1.1% in the 1st quarter. PFG Advisors now owns 6,725 shares of the industrial products company's stock worth $1,804,000 after acquiring an additional 70 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded down $0.96 during midday trading on Friday, hitting $271.95. 832,420 shares of the company's stock were exchanged, compared to its average volume of 1,060,531. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The business's fifty day moving average price is $257.60 and its two-hundred day moving average price is $248.13. The company has a market cap of $80.31 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 3.85 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $227.66 and a 12-month high of $277.58.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The business's revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.75 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. Illinois Tool Works's dividend payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Barclays upped their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an "underweight" rating in a report on Friday, November 1st. Wells Fargo & Company lifted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. Jefferies Financial Group reduced their price objective on Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating for the company in a research note on Thursday, July 11th. Finally, Evercore ISI lowered their target price on Illinois Tool Works from $251.00 to $246.00 and set an "in-line" rating on the stock in a research note on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $256.40.

Illinois Tool Works 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.