Illinois Tool Works (NYSE:ITW) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Illinois Tool Works (NYSE:ITW) from a hold rating to a buy rating in a research report report published on Thursday.

A number of other equities analysts have also issued reports on ITW. Barclays decreased their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a research report on Tuesday, June 4th. Stifel Nicolaus raised their price objective 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. Wells Fargo & Company dropped their target price on Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a report on Wednesday, May 1st. Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research note on Monday, April 8th. Finally, 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. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $256.44.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $235.17 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The firm’s 50 day moving average is $246.54 and its two-hundred day moving average is $254.32. The firm has a market capitalization of $70.17 billion, a P/E ratio of 23.19, a PEG ratio of 3.58 and a beta of 1.11. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 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 analysts’ expectations of $4.03 billion. During the same period last year, the firm earned $2.33 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works will post 10.22 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently modified their holdings of ITW. Norges Bank acquired a new position in shares of Illinois Tool Works in the fourth quarter worth about $818,408,000. Vanguard Group Inc. grew 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 worth $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt raised its stake in Illinois Tool Works by 150.0% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares during the period. Corient Private Wealth LLC lifted 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 valued at $164,927,000 after purchasing an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC boosted 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 worth $82,579,000 after buying an additional 313,906 shares during the period. 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.