Confluence Investment Management LLC Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Confluence Investment Management LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 239,962 shares of the industrial products company’s stock after selling 2,962 shares during the quarter. Confluence Investment Management LLC owned 0.08% of Illinois Tool Works worth $62,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $272.87 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The firm has a market cap of $80.58 billion, a PE ratio of 23.60, a PEG ratio of 3.85 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $227.66 and a one year high of $277.58. The firm has a fifty day moving average of $256.78 and a 200 day moving average of $247.80.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.75 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ITW. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Wells Fargo & Company upped their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. lifted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Three 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.