Conning Inc. Has $40.36 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Conning Inc. raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 154,019 shares of the industrial products company’s stock after buying an additional 5,693 shares during the quarter. Illinois Tool Works comprises 1.3% of Conning Inc.’s investment portfolio, making the stock its 12th largest holding. Conning Inc. owned approximately 0.05% of Illinois Tool Works worth $40,364,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. PEAK6 Investments LLC raised its stake in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 140 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Illinois Tool Works during the first quarter valued at about $1,147,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Illinois Tool Works by 78.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after buying an additional 16,216 shares during the period. Handelsbanken Fonder AB grew its position in Illinois Tool Works by 7.3% during the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after buying an additional 9,825 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Illinois Tool Works by 28.6% during the first quarter. Russell Investments Group Ltd. now owns 201,720 shares of the industrial products company’s stock valued at $54,122,000 after acquiring an additional 44,898 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $263.08 on Friday. Illinois Tool Works Inc. has a 1-year low of $225.88 and a 1-year high of $271.15. The firm’s 50-day moving average price is $255.59 and its two-hundred day moving average price is $247.41. The company has a current ratio of 1.36, a quick ratio of 0.92 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $77.69 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 3.97 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $2.55 EPS. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.63 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.28%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Analyst Ratings Changes

A number of analysts have commented on the company. Barclays raised their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday. Jefferies Financial Group reduced their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial raised their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird lifted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $256.40.

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.