Illinois Tool Works (NYSE:ITW) Price Target Raised to $305.00

Illinois Tool Works (NYSE:ITW) had its price objective upped by Truist Financial from $303.00 to $305.00 in a research report released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

A number of other analysts have also recently commented on the stock. Citigroup upped their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a report on Monday, April 8th. Barclays raised their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a report on Tuesday, April 2nd. Wells Fargo & Company lowered Illinois Tool Works from an equal weight rating to an underweight rating and cut their price target for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus upped their price target on Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Finally, Bank of America cut Illinois Tool Works from a neutral rating to an underperform rating and lowered their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of Hold and a consensus target price of $257.78.

Illinois Tool Works Stock Performance

Shares of ITW opened at $243.92 on Wednesday. The company has a market cap of $72.87 billion, a price-to-earnings ratio of 24.06, a P/E/G ratio of 3.55 and a beta of 1.14. The business’s fifty day simple moving average is $259.07 and its two-hundred day simple moving average is $251.66. Illinois Tool Works has a 12 month low of $217.06 and a 12 month high of $271.15. 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 released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $2.33 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works will post 10.35 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given 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 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the business’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 sale, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Randall J. Scheuneman sold 5,827 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders sold 139,471 shares of company stock valued at $35,970,816 in the last three months. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in Illinois Tool Works by 2.2% in the 1st quarter. Signaturefd LLC now owns 6,769 shares of the industrial products company’s stock valued at $1,816,000 after acquiring an additional 147 shares during the last quarter. Carson Advisory Inc. grew its holdings in shares of Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 45 shares during the last quarter. Catalina Capital Group LLC purchased a new position in Illinois Tool Works in the 1st quarter worth about $260,000. Avidian Wealth Solutions LLC lifted its holdings in Illinois Tool Works by 71.4% during the 1st quarter. Avidian Wealth Solutions LLC now owns 1,404 shares of the industrial products company’s stock valued at $377,000 after buying an additional 585 shares in the last quarter. Finally, Mediolanum International Funds Ltd purchased a new stake in Illinois Tool Works in the 1st quarter valued at about $14,901,000. 79.77% of the stock is owned by hedge funds and other 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.