Confluence Wealth Services Inc. Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Confluence Wealth Services Inc. lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 21.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,921 shares of the industrial products company’s stock after buying an additional 688 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Illinois Tool Works were worth $928,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Illinois Tool Works during the 4th quarter worth about $806,291,000. GAMMA Investing LLC increased its holdings in Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the period. Raymond James Financial Inc. purchased a new stake in Illinois Tool Works during the 4th quarter worth about $203,949,000. Cerity Partners LLC increased its holdings in Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock worth $229,269,000 after purchasing an additional 655,341 shares during the period. Finally, Northern Trust Corp increased its holdings in Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. acquired 872 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was bought at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director now owns 122,884 shares of the company’s stock, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Illinois Tool Works Stock Up 0.5%

Shares of NYSE ITW opened at $248.09 on Friday. The stock has a market cap of $72.69 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 5.33 and a beta of 1.10. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $279.13. The business has a 50-day moving average price of $243.84 and a 200 day moving average price of $249.95.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.42%. Illinois Tool Works’s payout ratio is 52.77%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ITW. UBS Group cut 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. Robert W. Baird upped their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Barclays dropped their price objective on Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Finally, Citigroup dropped their price objective 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. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $253.42.

About Illinois Tool Works

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.