Illinois Tool Works Inc. (NYSE:ITW) Receives $256.44 Average Target Price from Brokerages

Shares of Illinois Tool Works Inc. (NYSE:ITW) have been assigned an average recommendation of “Reduce” from the nine research firms that are presently covering the company, Marketbeat reports. Four 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 brokerages that have issued a report on the stock in the last year is $256.44.

A number of brokerages have commented on ITW. Truist Financial upped their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Stifel Nicolaus raised 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. Citigroup boosted their price objective 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. Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday.

Institutional Trading of Illinois Tool Works

Several institutional investors and hedge funds have recently modified their holdings of the business. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after acquiring an additional 84 shares during the last quarter. Rockline Wealth Management LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter worth $4,180,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Illinois Tool Works by 6.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares in the last quarter. Wesbanco Bank Inc. lifted its stake in shares of Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after acquiring an additional 1,152 shares during the last quarter. Finally, Ziegler Capital Management LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $224,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

NYSE ITW opened at $235.17 on Friday. Illinois Tool Works has a 52-week low of $217.50 and a 52-week high of $271.15. The stock has a market cap of $70.17 billion, a PE ratio of 23.19, a P/E/G ratio of 3.58 and a beta of 1.11. The firm has a 50-day moving average of $246.54 and a 200-day moving average of $254.32. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

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 (EPS) for the quarter, topping 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 the consensus estimate of $4.03 billion. During the same period last year, the business posted $2.33 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Illinois Tool Works will post 10.22 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.38%. Illinois Tool Works’s payout ratio is 55.23%.

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.