Conning Inc. Has $34.15 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Conning Inc. grew its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,686 shares of the industrial products company's stock after buying an additional 1,303 shares during the quarter. Conning Inc.'s holdings in Illinois Tool Works were worth $34,148,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prudent Man Investment Management Inc. bought a new position in Illinois Tool Works during the fourth quarter worth about $25,000. Redwood Park Advisors LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Ameriflex Group Inc. acquired a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Glass Jacobson Investment Advisors llc boosted its stake in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after buying an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $31,000. 79.77% of the stock is owned by institutional investors.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction dated 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 purchase, the director directly owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $258.40 on Friday. The stock has a market capitalization of $75.71 billion, a P/E ratio of 22.73, a P/E/G ratio of 5.65 and a beta of 1.09. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. The business has a 50-day moving average price of $245.31 and a two-hundred day moving average price of $249.62.

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 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 for the quarter, compared to analysts' expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm earned $2.44 earnings per share. Equities analysts predict 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.32%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's payout ratio is 52.77%.

Analysts Set New Price Targets

ITW has been the subject of a number of analyst reports. UBS Group cut their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Barclays cut their price target on shares of Illinois Tool Works from $240.00 to $237.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Evercore ISI decreased their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a report on Tuesday. Finally, Truist Financial cut their target price on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $252.58.

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.

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