Teachers Retirement System of The State of Kentucky Sells 24,343 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Teachers Retirement System of The State of Kentucky reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 54.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,423 shares of the industrial products company’s stock after selling 24,343 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Illinois Tool Works were worth $5,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter worth $30,000. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works during the second quarter worth about $30,000. True Wealth Design LLC raised its stake in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works in the 3rd quarter worth approximately $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the 3rd quarter worth approximately $35,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $273.13 on Friday. The firm has a market capitalization of $80.66 billion, a PE ratio of 23.63, a PEG ratio of 4.23 and a beta of 1.10. The stock’s fifty day moving average is $266.67 and its 200 day moving average is $252.31. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.55 earnings per share. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.20%. Illinois Tool Works’s payout ratio is 51.90%.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent analyst reports. Barclays upgraded shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Jefferies Financial Group raised their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Citigroup boosted their target price on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Truist Financial raised their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $267.90.

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.