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

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

Several other equities analysts have also issued reports on ITW. Citigroup boosted 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. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Bank of America lowered shares of Illinois Tool Works from a neutral rating to an underperform rating and dropped their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Barclays boosted their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company downgraded 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 research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has a consensus rating of Hold and a consensus price target of $257.78.

Illinois Tool Works Stock Up 0.8 %

Illinois Tool Works stock opened at $243.92 on Wednesday. Illinois Tool Works has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The company’s 50 day simple moving average is $258.75 and its 200 day simple moving average is $251.73. The firm has a market capitalization of $72.87 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.55 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97.

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 (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the company earned $2.33 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Illinois Tool Works will post 10.35 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 139,471 shares of company stock worth $35,970,816. 0.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Illinois Tool Works

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $818,408,000. Vanguard Group Inc. raised its holdings 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 during the period. Alecta Tjanstepension Omsesidigt lifted its position in shares of Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after acquiring an additional 675,000 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after acquiring an additional 346,919 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Illinois Tool Works by 23,183.6% in the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after purchasing an additional 313,906 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.