Illinois Tool Works (NYSE:ITW) Price Target Raised to $259.00

Illinois Tool Works (NYSE:ITW) had its price objective increased by Stifel Nicolaus from $258.00 to $259.00 in a report released on Wednesday morning, Benzinga reports. They currently have a hold rating on the industrial products company’s stock.

A number of other research analysts have also recently weighed in on ITW. Bank of America cut shares of Illinois Tool Works from a neutral rating to an underperform rating and cut their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Citigroup upped their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. Wells Fargo & Company lowered Illinois Tool Works from an equal weight rating to an underweight rating and dropped their price objective for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Barclays upped their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research note on Tuesday, April 2nd. Finally, Truist Financial began coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a buy rating and a $301.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $257.00.

Illinois Tool Works Trading Up 0.7 %

Shares of Illinois Tool Works stock opened at $250.46 on Wednesday. The stock has a market cap of $74.82 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 3.66 and a beta of 1.13. The firm has a fifty day moving average price of $260.53 and a 200 day moving average price of $250.79. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the company earned $2.34 earnings per share. Equities research analysts predict that Illinois Tool Works will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,471 shares of company stock valued at $48,712,316. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently modified their holdings of ITW. Briaud Financial Planning Inc purchased a new position in Illinois Tool Works during the third quarter worth about $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Aspect Partners LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $26,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter worth $28,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.