Illinois Tool Works (NYSE:ITW) Upgraded at StockNews.com

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

Other research analysts have also issued reports about the stock. Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Barclays lowered their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating on the stock in a research note on Tuesday, June 4th. Wells Fargo & Company lowered their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research note on Wednesday, May 1st. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $254.00.

Illinois Tool Works Stock Up 0.1 %

Shares of ITW stock opened at $235.86 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 1 year low of $217.50 and a 1 year high of $271.15. The firm’s fifty day moving average price is $242.88 and its two-hundred day moving average price is $253.50. The firm has a market capitalization of $70.38 billion, a P/E ratio of 23.26, a PEG ratio of 3.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results 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 net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business earned $2.33 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works will post 10.26 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders 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 yield of 2.37%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.26% of the company’s stock.

Institutional Trading of Illinois Tool Works

A number of institutional investors and hedge funds have recently made changes to their positions in ITW. Norges Bank bought a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $818,408,000. Vanguard Group Inc. lifted its holdings in shares of 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 acquiring an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt lifted its holdings in shares of 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 worth $294,671,000 after acquiring an additional 675,000 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Illinois Tool Works by 122.7% during the 4th 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 lifted its holdings in shares of Illinois Tool Works by 23,183.6% during the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after acquiring an additional 313,906 shares during the period. 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.