Confluence Investment Management LLC Sells 14,125 Shares of Illinois Tool Works Inc. $ITW

Key Points

• Confluence Investment Management reduced its Illinois Tool Works stake by 6.8%, selling 14,125 shares and retaining 193,034 shares valued at approximately $52.2 million. Institutional investors collectively own 79.77% of ITW.
• Analysts maintain a cautious outlook, with ratings comprising one Buy, seven Holds and five Sells. The stock has an average “Reduce” rating and a consensus price target of $281.25.
• Illinois Tool Works exceeded quarterly expectations, reporting $2.84 in earnings per share and $4.30 billion in revenue, while revenue grew 6.1% year over year. The company also declared a quarterly dividend of $1.61 per share, representing a 2.2% annualized yield.

Confluence Investment Management LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 193,034 shares of the industrial products company's stock after selling 14,125 shares during the period. Confluence Investment Management LLC owned about 0.07% of Illinois Tool Works worth $52,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Meridian Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 1.3% in the fourth quarter. Meridian Wealth Management LLC now owns 2,818 shares of the industrial products company's stock valued at $694,000 after purchasing an additional 37 shares during the period. Winnow Wealth LLC increased its holdings in Illinois Tool Works by 1.0% during the 4th quarter. Winnow Wealth LLC now owns 3,809 shares of the industrial products company's stock worth $941,000 after purchasing an additional 37 shares during the period. Crown Wealth Group LLC raised its position in Illinois Tool Works by 4.0% during the 1st quarter. Crown Wealth Group LLC now owns 953 shares of the industrial products company's stock valued at $248,000 after purchasing an additional 37 shares in the last quarter. Revisor Wealth Management LLC raised its position in Illinois Tool Works by 1.4% during the 4th quarter. Revisor Wealth Management LLC now owns 2,841 shares of the industrial products company's stock valued at $734,000 after purchasing an additional 39 shares in the last quarter. Finally, Concord Asset Management LLC VA lifted its holdings in shares of Illinois Tool Works by 1.1% in the 4th quarter. Concord Asset Management LLC VA now owns 3,591 shares of the industrial products company's stock worth $884,000 after buying an additional 39 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on ITW shares. Citigroup restated a "neutral" rating on shares of Illinois Tool Works in a research note on Monday, July 13th. Evercore lowered their price objective on shares of Illinois Tool Works from $296.00 to $272.00 in a research note on Monday, May 11th. The Goldman Sachs Group reiterated a "sell" rating and set a $254.00 target price on shares of Illinois Tool Works in a report on Thursday, April 30th. Truist Financial raised their target price on shares of Illinois Tool Works from $280.00 to $301.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Finally, UBS Group restated a "neutral" rating and issued a $300.00 price target on shares of Illinois Tool Works in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $281.25.

Insider Buying and Selling at Illinois Tool Works

In other news, Director Jennifer F. Scanlon purchased 806 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were acquired at an average cost of $247.99 per share, for a total transaction of $199,879.94. Following the acquisition, the director owned 1,652 shares of the company's stock, valued at approximately $409,679.48. This represents a 95.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.83% of the company's stock.

Illinois Tool Works Trading Up 0.5%

Shares of NYSE:ITW opened at $288.47 on Tuesday. The company has a market capitalization of $82.99 billion, a PE ratio of 26.15, a P/E/G ratio of 4.84 and a beta of 0.99. The company has a current ratio of 1.11, a quick ratio of 0.81 and a debt-to-equity ratio of 2.26. Illinois Tool Works Inc. has a 12-month low of $238.82 and a 12-month high of $303.15. The business's fifty day simple moving average is $267.03 and its 200-day simple moving average is $268.58.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.80 by $0.04. Illinois Tool Works had a return on equity of 101.72% and a net margin of 19.39%.The firm had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.19 billion. During the same period in the prior year, the business posted $2.58 EPS. The firm's quarterly revenue was up 6.1% on a year-over-year basis. Illinois Tool Works has set its FY 2026 guidance at 11.350-11.550 EPS. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 11.46 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, June 30th. Illinois Tool Works's dividend payout ratio is presently 58.39%.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.

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