Confluence Investment Management LLC Lowers Stock Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Confluence Investment Management LLC reduced its stake in Illinois Tool Works by 1.0% during the second quarter, owning approximately 227,732 shares valued at $56.3 million.
• Illinois Tool Works has recently announced a quarterly dividend increase from $1.50 to $1.61 per share, resulting in an annualized dividend yield of 2.4%.
• Analysts have mixed ratings on Illinois Tool Works, with a consensus rating of "Reduce" and an average price target of $260.67 based on recent evaluations.

Confluence Investment Management LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 227,732 shares of the industrial products company's stock after selling 2,218 shares during the period. Confluence Investment Management LLC owned about 0.08% of Illinois Tool Works worth $56,307,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sivia Capital Partners LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $214,000. OneAscent Financial Services LLC boosted its holdings in shares of Illinois Tool Works by 25.8% in the 1st quarter. OneAscent Financial Services LLC now owns 1,664 shares of the industrial products company's stock valued at $416,000 after purchasing an additional 341 shares during the last quarter. Sowell Financial Services LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $946,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after purchasing an additional 4,560 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $2,158,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. UBS Group lifted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Evercore ISI set a $265.00 target price on shares of Illinois Tool Works and gave the company an "underperform" rating in a report on Tuesday, August 19th. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Finally, Citigroup lifted their target price on shares of Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $260.67.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $263.41 on Friday. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a market capitalization of $76.78 billion, a price-to-earnings ratio of 23.09, a price-to-earnings-growth ratio of 5.75 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The firm's fifty day moving average price is $260.68 and its 200 day moving average price is $250.88.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm posted $2.54 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's payout ratio is presently 52.59%.

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.

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