Illinois Tool Works Inc. (NYSE:ITW) Stock Has Consensus Price Target of $276.33

Shares of Illinois Tool Works Inc. (NYSE:ITW) have been assigned a consensus rating of “Reduce” from the thirteen brokerages that are currently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $276.33.

Several brokerages have recently weighed in on ITW. JPMorgan Chase & Co. cut Illinois Tool Works from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $350.00 to $270.00 in a report on Friday, October 9th. UBS Group set a $277.00 price target on Illinois Tool Works in a report on Friday, October 9th. Weiss Ratings upgraded Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. Robert W. Baird boosted their price objective on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $270.00 target price on shares of Illinois Tool Works in a report on Tuesday, October 27th.

Illinois Tool Works Stock Performance

ITW opened at $280.93 on Friday. Illinois Tool Works has a twelve month low of $238.82 and a twelve month high of $303.15. The firm has a market capitalization of $79.84 billion, a PE ratio of 25.04, a PEG ratio of 3.08 and a beta of 0.92. The company has a current ratio of 1.29, a quick ratio of 0.94 and a debt-to-equity ratio of 2.28. The firm’s 50-day moving average price is $271.85 and its 200 day moving average price is $271.40.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.03. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the prior year, the firm earned $2.81 EPS. Illinois Tool Works’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that Illinois Tool Works will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s payout ratio is currently 61.32%.

Insider Activity

In other Illinois Tool Works news, Director Ernest Santi sold 60,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the transaction, the director directly owned 266,333 shares of the company’s stock, valued at $78,000,945.71. The trade was a 18.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $289.22, for a total transaction of $80,113.94. Following the transaction, the chief accounting officer directly owned 3,394 shares in the company, valued at $981,612.68. This trade represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 101,708 shares of company stock worth $29,546,740. Corporate insiders own 0.83% of the company’s stock.

Institutional Trading of Illinois Tool Works

Hedge funds have recently made changes to their positions in the company. Diversified Trust Co raised its position in shares of Illinois Tool Works by 13.3% during the 3rd quarter. Diversified Trust Co now owns 2,574 shares of the industrial products company’s stock valued at $662,000 after buying an additional 302 shares during the period. Allworth Financial LP lifted its holdings in Illinois Tool Works by 4.0% in the third quarter. Allworth Financial LP now owns 8,141 shares of the industrial products company’s stock valued at $2,202,000 after acquiring an additional 312 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Illinois Tool Works by 0.7% in the third quarter. Fisher Asset Management LLC now owns 3,858,313 shares of the industrial products company’s stock valued at $992,667,000 after acquiring an additional 28,515 shares during the last quarter. SVB Wealth LLC grew its position in Illinois Tool Works by 12.1% in the third quarter. SVB Wealth LLC now owns 15,744 shares of the industrial products company’s stock worth $4,051,000 after acquiring an additional 1,699 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Illinois Tool Works by 35.8% in the third quarter. Russell Investments Group Ltd. now owns 143,220 shares of the industrial products company’s stock worth $36,871,000 after acquiring an additional 37,723 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc (NYSE: ITW) is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions.

ITW’s businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.

The company serves customers across North America, Europe, Asia, and other international markets through its manufacturing and sales operations.