Confluence Wealth Services Inc. Has $1.02 Million Stake in Illinois Tool Works Inc. $ITW

Confluence Wealth Services Inc. boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 5.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,128 shares of the industrial products company’s stock after purchasing an additional 207 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Illinois Tool Works were worth $1,020,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of ITW. von Borstel & Associates Inc. bought a new position in shares of Illinois Tool Works in the first quarter valued at $26,000. SOA Wealth Advisors LLC. raised its holdings in shares of Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Saudi Central Bank bought a new position in Illinois Tool Works in the 1st quarter valued at about $29,000. 1248 Management LLC acquired a new position in Illinois Tool Works during the 1st quarter valued at about $30,000. Finally, Banque Transatlantique SA bought a new stake in Illinois Tool Works during the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ITW. Evercore ISI set a $265.00 target price on Illinois Tool Works and gave the company an “underperform” rating in a report on Tuesday, August 19th. Weiss Ratings restated a “buy (b)” rating on shares of Illinois Tool Works in a research note on Saturday, September 27th. Truist Financial lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $283.00 target price for the company. in a research note on Thursday, July 31st. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. Finally, Citigroup upped their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, July 14th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $261.58.

Illinois Tool Works Stock Down 0.5%

ITW opened at $258.76 on Tuesday. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company’s 50-day moving average price is $261.41 and its two-hundred day moving average price is $251.05. The stock has a market cap of $75.43 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 5.75 and a beta of 1.10. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same quarter in the previous year, the firm posted $2.54 EPS. Illinois Tool Works’s 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. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. Illinois Tool Works’s payout ratio is currently 56.44%.

Insider Buying and Selling at Illinois Tool Works

In related news, CAO Randall J. Scheuneman sold 6,802 shares of Illinois Tool Works stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer owned 10,314 shares of the company’s stock, valued at approximately $2,734,035.12. This trade represents a 39.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

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.