Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITWFree Report) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,755 shares of the industrial products company’s stock after selling 367 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Illinois Tool Works were worth $2,555,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ITW. Daiwa Securities Group Inc. boosted its holdings in Illinois Tool Works by 6.9% in the third quarter. Daiwa Securities Group Inc. now owns 25,069 shares of the industrial products company’s stock worth $5,774,000 after purchasing an additional 1,629 shares during the period. Banque Pictet & Cie SA grew its position in shares of Illinois Tool Works by 14.4% during the 3rd quarter. Banque Pictet & Cie SA now owns 6,196 shares of the industrial products company’s stock valued at $1,427,000 after buying an additional 781 shares during the last quarter. Empirical Finance LLC raised its stake in Illinois Tool Works by 9.9% during the third quarter. Empirical Finance LLC now owns 9,758 shares of the industrial products company’s stock worth $2,247,000 after acquiring an additional 877 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Illinois Tool Works in the third quarter worth about $215,000. Finally, Asahi Life Asset Management CO. LTD. boosted its stake in Illinois Tool Works by 2.9% in the third quarter. Asahi Life Asset Management CO. LTD. now owns 1,800 shares of the industrial products company’s stock valued at $415,000 after acquiring an additional 50 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on ITW shares. Truist Financial raised their price target on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Citigroup upped their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Wells Fargo & Company decreased their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $257.78.

Read Our Latest Stock Report on ITW

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $0.83 during trading on Friday, reaching $250.60. The company had a trading volume of 961,778 shares, compared to its average volume of 1,090,778. The firm’s fifty day moving average is $256.40 and its 200 day moving average is $253.58. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a market capitalization of $74.78 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 3.70 and a beta of 1.14. Illinois Tool Works Inc. has a twelve month low of $217.06 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.33 earnings per share. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.24 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.23%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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