Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 41.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,514 shares of the industrial products company's stock after selling 5,946 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Illinois Tool Works were worth $2,112,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $25,000. Redwood Park Advisors LLC acquired a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. Ameriflex Group Inc. purchased a new position in Illinois Tool Works during the fourth quarter worth $26,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 84 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 79.77% of the company's stock.

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction dated Monday, June 2nd. The stock was acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the transaction, the director now owns 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Up 0.7%

Shares of ITW stock traded up $1.81 during trading hours on Tuesday, hitting $246.01. 1,031,427 shares of the company were exchanged, compared to its average volume of 1,002,548. The stock has a market capitalization of $72.08 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 5.25 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $279.13. The business's 50-day simple moving average is $242.55 and its two-hundred day simple moving average is $250.54. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter last year, the firm earned $2.44 EPS. The business's revenue was down 3.4% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Monday, June 30th. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Wall Street Analyst Weigh In

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

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.