Illinois Tool Works (NYSE:ITW) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Illinois Tool Works (NYSE:ITW) from a hold rating to a buy rating in a research note released on Wednesday morning.

A number of other research analysts also recently weighed in on the stock. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research report on Monday, April 8th. Barclays increased their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research report on Tuesday, April 2nd. Bank of America downgraded shares of Illinois Tool Works from a neutral rating to an underperform rating and decreased their price target for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Stifel Nicolaus increased their price target on shares of 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, Wells Fargo & Company decreased their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $257.89.

Illinois Tool Works Trading Down 0.8 %

NYSE:ITW opened at $242.27 on Wednesday. The stock has a market cap of $72.38 billion, a price-to-earnings ratio of 24.87, a PEG ratio of 3.67 and a beta of 1.13. The company’s 50 day moving average price is $259.40 and its 200-day moving average price is $251.72. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 earnings per share. On average, equities research analysts forecast that Illinois Tool Works will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders 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 dividend yield of 2.31%. Illinois Tool Works’s payout ratio is 57.49%.

Insider Activity

In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 189,471 shares of company stock worth $48,712,316 in the last three months. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors have recently bought and sold shares of the stock. Cornerstone Wealth Management LLC grew its stake in shares of 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 buying an additional 41 shares in the last quarter. Summit Financial LLC grew its stake in shares of Illinois Tool Works by 1.6% in the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after buying an additional 41 shares in the last quarter. Hanson & Doremus Investment Management grew its stake in shares of Illinois Tool Works by 4.6% in the 1st quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company’s stock worth $257,000 after buying an additional 42 shares in the last quarter. Catalyst Financial Partners LLC grew its stake in shares of 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 worth $463,000 after buying an additional 43 shares in the last quarter. Finally, First Pacific Financial grew its stake in shares of 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 buying an additional 44 shares in the last quarter. 79.77% of the stock is 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.