Kentucky Retirement Systems Insurance Trust Fund Sells 759 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.7% in the third quarter, Holdings Channel.com reports. The fund owned 7,999 shares of the industrial products company’s stock after selling 759 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Illinois Tool Works were worth $2,096,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ITW. Banco Santander S.A. bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $483,000. First Foundation Advisors boosted its position in Illinois Tool Works by 167.0% during the 1st quarter. First Foundation Advisors now owns 494 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 309 shares in the last quarter. Nicolet Advisory Services LLC grew its holdings in shares of Illinois Tool Works by 5.6% during the 1st quarter. Nicolet Advisory Services LLC now owns 1,060 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 56 shares during the period. Ontario Teachers Pension Plan Board purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at approximately $244,000. Finally, Covestor Ltd boosted its position in shares of Illinois Tool Works by 17.9% during the first quarter. Covestor Ltd now owns 375 shares of the industrial products company’s stock valued at $101,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $270.62 on Friday. The company has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10. The business’s fifty day simple moving average is $260.09 and its two-hundred day simple moving average is $248.94. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the firm posted $2.55 earnings per share. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ITW. Stifel Nicolaus increased their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Barclays raised their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $257.30.

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.