Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 19.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,256 shares of the industrial products company’s stock after selling 811 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Illinois Tool Works were worth $853,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. PEAK6 Investments LLC boosted its holdings in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after buying an additional 140 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Illinois Tool Works during the first quarter valued at $1,147,000. Envestnet Portfolio Solutions Inc. raised its position in Illinois Tool Works by 78.3% during the first 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 period. Handelsbanken Fonder AB lifted its stake in Illinois Tool Works by 7.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after acquiring an additional 9,825 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Illinois Tool Works by 28.6% during the 1st quarter. Russell Investments Group Ltd. now owns 201,720 shares of the industrial products company’s stock worth $54,122,000 after acquiring an additional 44,898 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Truist Financial upped their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Robert W. Baird increased their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $256.40.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $263.08 on Monday. The firm has a market capitalization of $77.69 billion, a PE ratio of 22.76, a PEG ratio of 3.97 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $225.88 and a 1 year high of $271.15. The company has a current ratio of 1.36, a quick ratio of 0.92 and a debt-to-equity ratio of 1.94. The firm’s fifty day simple moving average is $255.59 and its 200 day simple moving average is $247.39.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data 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 return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.63 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 2.28%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Illinois Tool Works Company 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.