Barclays Trims Illinois Tool Works (NYSE:ITW) Target Price to $229.00

Illinois Tool Works (NYSE:ITW) had its target price cut by Barclays from $230.00 to $229.00 in a research note released on Thursday morning, Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an underweight rating for the company in a report on Wednesday, May 1st. Bank of America downgraded Illinois Tool Works from a neutral rating to an underperform rating and lowered their price target for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a report on Wednesday, April 17th. StockNews.com upgraded shares of Illinois Tool Works from a hold rating to a buy rating in a research note on Wednesday, May 1st. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a buy rating in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $257.78.

Illinois Tool Works Stock Up 0.8 %

Shares of NYSE:ITW opened at $243.92 on Thursday. Illinois Tool Works has a 12-month low of $217.06 and a 12-month high of $271.15. The stock has a market capitalization of $72.87 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.57 and a beta of 1.14. The stock has a fifty day simple moving average of $258.75 and a two-hundred day simple moving average of $252.03. The company has a current ratio of 1.32, a quick ratio of 0.97 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 EPS. On average, research analysts anticipate that Illinois Tool Works will post 10.29 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.30%. Illinois Tool Works’s payout ratio is presently 55.23%.

Insider Activity

In related news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The disclosure for this sale can be found here. Insiders sold a total of 139,471 shares of company stock valued at $35,970,816 in the last 90 days. Company insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cornerstone Wealth Management LLC lifted its holdings in Illinois Tool Works by 2.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares in the last quarter. Summit Financial LLC boosted its position in shares of Illinois Tool Works by 1.6% during the fourth quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after acquiring an additional 41 shares during the last quarter. Hanson & Doremus Investment Management grew its stake in Illinois Tool Works by 4.6% during the first quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 42 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in Illinois Tool Works by 2.5% in the 4th quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock valued at $463,000 after acquiring an additional 43 shares during the last quarter. Finally, First Pacific Financial lifted its stake in Illinois Tool Works by 1.3% in the 1st quarter. First Pacific Financial now owns 3,334 shares of the industrial products company’s stock worth $895,000 after purchasing an additional 44 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Company 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.