Conning Inc. Buys 1,784 Shares of Illinois Tool Works Inc. $ITW

Conning Inc. increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 139,470 shares of the industrial products company’s stock after purchasing an additional 1,784 shares during the period. Conning Inc.’s holdings in Illinois Tool Works were worth $34,484,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC grew its position in Illinois Tool Works by 5.3% in the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after acquiring an additional 277 shares during the last quarter. Bison Wealth LLC grew its position in Illinois Tool Works by 2.3% in the fourth quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company’s stock valued at $901,000 after acquiring an additional 81 shares during the last quarter. Farther Finance Advisors LLC grew its position in Illinois Tool Works by 19.9% in the first quarter. Farther Finance Advisors LLC now owns 3,359 shares of the industrial products company’s stock valued at $835,000 after acquiring an additional 557 shares during the last quarter. Pallas Capital Advisors LLC bought a new position in Illinois Tool Works in the first quarter valued at about $363,000. Finally, Wealthcare Advisory Partners LLC grew its position in Illinois Tool Works by 1.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 4,055 shares of the industrial products company’s stock valued at $1,006,000 after acquiring an additional 54 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction that occurred on 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 sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.88% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on ITW. Stifel Nicolaus lifted their target price on Illinois Tool Works from $255.00 to $261.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. Truist Financial lifted their target price on Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a research report on Wednesday. UBS Group boosted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Barclays boosted their price target on Illinois Tool Works from $240.00 to $243.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $262.83.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $244.79 on Friday. The stock’s 50 day moving average is $261.04 and its 200 day moving average is $250.97. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The firm has a market cap of $71.36 billion, a P/E ratio of 21.45, a P/E/G ratio of 5.49 and a beta of 1.10. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the business posted $2.54 earnings per share. The firm’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, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were issued a $1.61 dividend. The ex-dividend date was Tuesday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a yield of 2.6%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 56.44%.

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.