Conning Inc. Sells 10,068 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Conning Inc. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 6.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 135,114 shares of the industrial products company's stock after selling 10,068 shares during the quarter. Illinois Tool Works accounts for 1.2% of Conning Inc.'s portfolio, making the stock its 22nd largest holding. Conning Inc.'s holdings in Illinois Tool Works were worth $35,320,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ITW. Rockline Wealth Management LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $4,180,000. Wesbanco Bank Inc. boosted its stake in Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company's stock valued at $1,401,000 after buying an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $224,000. DNB Asset Management AS boosted its stake in Illinois Tool Works by 8.0% in the 4th quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company's stock valued at $35,506,000 after buying an additional 10,062 shares in the last quarter. Finally, BKM Wealth Management LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $1,770,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company's stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company's stock, valued at $56,235,056.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,471 shares of company stock worth $48,712,316. 0.88% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on ITW shares. Citigroup boosted their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. Barclays boosted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered Illinois Tool Works from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Truist Financial started coverage on Illinois Tool Works in a research note on Thursday, March 14th. They issued a "buy" rating and a $301.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $254.78.

Illinois Tool Works Trading Down 1.6 %

Shares of ITW stock traded down $4.17 on Friday, reaching $253.51. 1,132,453 shares of the stock were exchanged, compared to its average volume of 1,442,627. The stock has a market cap of $75.73 billion, a PE ratio of 26.03, a P/E/G ratio of 3.73 and a beta of 1.13. Illinois Tool Works Inc. has a one year low of $217.06 and a one year high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The stock has a 50 day moving average price of $260.94 and a 200 day moving average price of $250.37.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts' consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm's revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.34 earnings per share. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.21%. Illinois Tool Works's dividend payout ratio is presently 57.49%.

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.