Illinois Tool Works Inc. (NYSE:ITW) Given Consensus Recommendation of “Reduce” by Analysts

Illinois Tool Works Inc. (NYSE:ITW) has received an average rating of “Reduce” from the nine ratings firms that are currently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $257.00.

A number of equities analysts recently weighed in on the company. Truist Financial began coverage on Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective on the stock. Barclays lifted their price target on 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 Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the sale, the chairman now directly owns 221,015 shares in the company, valued at $56,321,252.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently modified their holdings of ITW. Vanguard Group Inc. boosted its position in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Northern Trust Corp raised its stake in shares of Illinois Tool Works by 1.9% during the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after buying an additional 244,145 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Illinois Tool Works by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after purchasing an additional 97,568 shares in the last quarter. Norges Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $818,408,000. Finally, Fisher Asset Management LLC boosted its holdings in Illinois Tool Works by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after buying an additional 122,840 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.4 %

Shares of Illinois Tool Works stock opened at $251.71 on Friday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The firm has a market cap of $75.20 billion, a PE ratio of 25.84, a P/E/G ratio of 3.67 and a beta of 1.13. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The stock has a fifty day moving average price of $260.33 and a 200-day moving average price of $251.30.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.41 by $0.01. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $2.34 EPS. Equities research analysts anticipate that Illinois Tool Works will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is presently 57.49%.

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.