Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Kentucky Retirement Systems

Kentucky Retirement Systems grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,988 shares of the industrial products company's stock after acquiring an additional 1,422 shares during the quarter. Kentucky Retirement Systems' holdings in Illinois Tool Works were worth $4,957,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Childress Capital Advisors LLC boosted its holdings in shares of Illinois Tool Works by 3.7% during the first quarter. Childress Capital Advisors LLC now owns 1,633 shares of the industrial products company's stock valued at $405,000 after acquiring an additional 58 shares during the period. Cullinan Associates Inc. lifted its holdings in Illinois Tool Works by 2.6% in the first quarter. Cullinan Associates Inc. now owns 27,639 shares of the industrial products company's stock worth $6,855,000 after purchasing an additional 712 shares during the period. Inlight Wealth Management LLC acquired a new stake in Illinois Tool Works in the first quarter worth about $94,000. Praxis Investment Management Inc. lifted its holdings in Illinois Tool Works by 13.1% in the first quarter. Praxis Investment Management Inc. now owns 22,429 shares of the industrial products company's stock worth $5,563,000 after purchasing an additional 2,590 shares during the period. Finally, World Equity Group Inc. lifted its holdings in Illinois Tool Works by 17.0% in the first quarter. World Equity Group Inc. now owns 1,570 shares of the industrial products company's stock worth $394,000 after purchasing an additional 228 shares during the period. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $240.41 on Monday. The company's 50-day moving average price is $242.34 and its two-hundred day moving average price is $250.74. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. The stock has a market cap of $70.44 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 5.18 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.44 EPS. As a group, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.50%. Illinois Tool Works's payout ratio is presently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction on Monday, June 2nd. The shares were bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the purchase, the director now directly owns 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Evercore ISI reduced their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a report on Monday, May 19th. Truist Financial reduced their price objective on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, UBS Group dropped their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of "Hold" and an average price target of $253.42.

Illinois Tool Works 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.

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