Kentucky Retirement Systems Sells 1,641 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Kentucky Retirement Systems decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,822 shares of the industrial products company’s stock after selling 1,641 shares during the quarter. Kentucky Retirement Systems’ holdings in Illinois Tool Works were worth $4,933,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Banco Santander S.A. purchased a new stake in shares of Illinois Tool Works in the first quarter worth approximately $483,000. First Foundation Advisors raised its position in Illinois Tool Works by 167.0% in the 1st quarter. First Foundation Advisors now owns 494 shares of the industrial products company’s stock valued at $133,000 after buying an additional 309 shares during the last quarter. Nicolet Advisory Services LLC lifted its stake in 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 valued at $278,000 after acquiring an additional 56 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new position in Illinois Tool Works during the 1st quarter worth $244,000. Finally, Covestor Ltd grew its stake in shares of Illinois Tool Works by 17.9% in the 1st quarter. Covestor Ltd now owns 375 shares of the industrial products company’s stock worth $101,000 after acquiring an additional 57 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $270.62 on Friday. The firm has a market capitalization of $79.91 billion, a PE ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a 50-day moving average price of $260.09 and a two-hundred day moving average price of $248.94. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.58.

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, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm earned $2.55 EPS. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors 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 dividend on an annualized basis and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday. Barclays upped their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Stifel Nicolaus lifted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Company 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.