Conning Inc. Boosts Holdings in Illinois Tool Works Inc. (ITW)
Conning Inc. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2,327.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 200,222 shares of the industrial products company’s stock after buying an additional 191,975 shares during the period. Conning Inc. owned approximately 0.06% of Illinois Tool Works worth $29,625,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Omnia Family Wealth LLC grew its holdings in shares of Illinois Tool Works by 0.3% during the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 2 shares in the last quarter. Private Vista LLC boosted its holdings in Illinois Tool Works by 13,697.3% in the second quarter. Private Vista LLC now owns 279,534 shares of the industrial products company’s stock worth $108,000 after purchasing an additional 277,508 shares in the last quarter. Harding Loevner LP bought a new stake in Illinois Tool Works in the second quarter worth $115,000. WFG Advisors LP boosted its holdings in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after purchasing an additional 161 shares in the last quarter. Finally, Salem Investment Counselors Inc. lifted its position in Illinois Tool Works by 1.9% during the 2nd quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 75.03% of the company’s stock.
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In other news, VP Norman D. Jr. Finch bought 4,986 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was bought at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the transaction, the vice president now owns 4,371 shares of the company’s stock, valued at $683,362.14. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Juan Valls sold 48,622 shares of Illinois Tool Works stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total transaction of $7,620,526.06. Following the sale, the executive vice president now directly owns 71,101 shares in the company, valued at $11,143,659.73. The disclosure for this sale can be found here. Insiders sold a total of 126,506 shares of company stock valued at $19,801,832 in the last quarter. Corporate insiders own 0.90% of the company’s stock.
Illinois Tool Works Inc. (ITW) opened at $157.61 on Tuesday. Illinois Tool Works Inc. has a 12-month low of $120.06 and a 12-month high of $159.36. The company has a market cap of $53,836.01, a PE ratio of 24.94, a PEG ratio of 2.35 and a beta of 1.16. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.41 and a quick ratio of 1.98.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.20. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. Illinois Tool Works’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.50 EPS. sell-side analysts expect that Illinois Tool Works Inc. will post 6.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 47.78%.
ITW has been the subject of a number of research analyst reports. Argus reissued a “buy” rating and set a $180.00 target price (up previously from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Credit Suisse Group set a $141.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a research report on Tuesday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $171.00 price objective (up previously from $162.00) on shares of Illinois Tool Works in a research report on Monday, October 9th. Morgan Stanley upped their target price on shares of Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Wells Fargo & Company set a $170.00 target price on shares of Illinois Tool Works and gave the company a “buy” rating in a research note on Monday, October 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $157.27.
Illinois Tool Works Profile
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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