Kentucky Retirement Systems Insurance Trust Fund Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Kentucky Retirement Systems Insurance Trust Fund boosted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 80.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,460 shares of the industrial products company’s stock after buying an additional 6,461 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Illinois Tool Works were worth $3,666,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Pensionfund Sabic lifted its stake in shares of Illinois Tool Works by 37.0% during the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. lifted its stake in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. Clark & Stuart Inc purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $1,729,000. Czech National Bank increased its holdings in shares of Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after buying an additional 3,227 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth $1,179,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $257.98 on Tuesday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. The firm has a 50-day moving average of $258.13 and a two-hundred day moving average of $257.79. The stock has a market cap of $76.18 billion, a P/E ratio of 22.01, a PEG ratio of 4.79 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts expect that Illinois Tool Works Inc. will post 10.38 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is 51.19%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ITW shares. Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $271.00.

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.