Kentucky Retirement Systems Has $4.85 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Kentucky Retirement Systems trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,463 shares of the industrial products company’s stock after selling 186 shares during the quarter. Kentucky Retirement Systems’ holdings in Illinois Tool Works were worth $4,849,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ITW. Confluence Investment Management LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth about $65,747,000. Pinebridge Investments L.P. lifted its stake in Illinois Tool Works by 380.7% during the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after purchasing an additional 207,167 shares during the period. Guinness Asset Management LTD grew its stake in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the period. Baird Financial Group Inc. raised its holdings in shares of Illinois Tool Works by 45.7% in the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after buying an additional 149,210 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on ITW. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Barclays decreased their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus reduced their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $257.95 on Friday. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a market capitalization of $76.97 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 3.93 and a beta of 1.10. The firm has a fifty day moving average of $246.07 and a two-hundred day moving average of $248.32.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.41 earnings per share. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

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.