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

Confluence Investment Management LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 229,950 shares of the industrial products company's stock after selling 5,551 shares during the period. Confluence Investment Management LLC owned 0.08% of Illinois Tool Works worth $57,030,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Prudent Man Investment Management Inc. purchased a new position in Illinois Tool Works during the fourth quarter worth approximately $25,000. Redwood Park Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth $26,000. Ameriflex Group Inc. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $26,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after acquiring an additional 84 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $31,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ITW shares. UBS Group reduced their price target on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. reduced their price target on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Citigroup reduced their price target on Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a report on Thursday, February 6th. Finally, Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $253.42.

Insider Activity at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 41,472 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the transaction, the chief financial officer now directly owns 50,502 shares of the company's stock, valued at $13,698,667.50. This represents a 45.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now directly owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Trading Down 1.6%

NYSE:ITW traded down $3.92 on Monday, reaching $241.17. 448,789 shares of the company's stock were exchanged, compared to its average volume of 1,010,287. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $70.66 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The business has a fifty day moving average of $240.10 and a 200-day moving average of $253.82. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the firm posted $2.44 EPS. The company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is 52.77%.

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.