Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Price Target at $255.22

Illinois Tool Works Inc. (NYSE:ITW) has earned an average recommendation of “Hold” from the ten analysts that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $255.44.

ITW has been the subject of several recent research reports. Wells Fargo & Company upped 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 report on Monday, October 7th. JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI cut their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th.

Illinois Tool Works Trading Up 0.1 %

NYSE ITW opened at $261.03 on Friday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15. The company has a 50-day simple moving average of $252.37 and a 200-day simple moving average of $247.56. The firm has a market capitalization of $77.89 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results 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. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.41 EPS. On average, equities analysts forecast that Illinois Tool Works will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the first quarter worth approximately $34,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the second quarter valued at $30,000. Rise Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter valued at $35,000. Finally, General Partner Inc. bought a new stake in shares of Illinois Tool Works during the 1st quarter worth $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

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.