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

Kentucky Retirement Systems Insurance Trust Fund lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Nikulski Financial Inc. increased its holdings in shares of Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 39 shares during the period. Steele Capital Management Inc. grew its position in Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after buying an additional 40 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its stake in Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock worth $423,000 after acquiring an additional 40 shares during the last quarter. Sigma Planning Corp raised its holdings in shares of Illinois Tool Works by 0.9% in the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after acquiring an additional 41 shares in the last quarter. Finally, Harbour Investments Inc. grew its holdings in shares of Illinois Tool Works by 1.1% during the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.3 %

NYSE ITW opened at $270.62 on Friday. The stock has a 50-day moving average of $260.09 and a 200-day moving average of $248.94. 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 Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The firm has a market cap of $79.91 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The business’s revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

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

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent analyst reports. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial lifted 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. Stifel Nicolaus increased their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Barclays increased their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target 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.