Teachers Retirement System of The State of Kentucky Sells 2,738 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Teachers Retirement System of The State of Kentucky cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4.4% during the 1st quarter, Holdings Channel reports. The fund owned 59,306 shares of the industrial products company’s stock after selling 2,738 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Illinois Tool Works were worth $15,914,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ITW. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter worth $818,408,000. Corient Private Wealth LLC grew its position in shares of Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after purchasing an additional 346,919 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Illinois Tool Works by 23,183.6% in the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares in the last quarter. Confluence Investment Management LLC bought a new position in Illinois Tool Works in the 1st quarter worth approximately $65,747,000. Finally, Pinebridge Investments L.P. boosted its stake in Illinois Tool Works by 380.7% in the 4th 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. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday. Truist Financial cut their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday. Four analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $248.67.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Up 0.7 %

ITW stock traded up $1.59 during mid-day trading on Friday, reaching $243.85. 1,281,644 shares of the stock traded hands, compared to its average volume of 1,134,753. The business has a 50-day moving average price of $240.94 and a two-hundred day moving average price of $251.06. The stock has a market capitalization of $72.76 billion, a PE ratio of 24.05, a PEG ratio of 3.80 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 and a current ratio of 1.30. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the company posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

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.