Illinois Tool Works (NYSE:ITW) Price Target Increased to $236.00 by Analysts at Wells Fargo & Company

Illinois Tool Works (NYSE:ITW) had its target price boosted by Wells Fargo & Company from $230.00 to $236.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

Several other equities analysts also recently commented on ITW. Truist Financial dropped their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a buy rating for the company in a research note on Wednesday. Jefferies Financial Group lowered their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating for the company in a research note on Thursday, July 11th. Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a hold rating for the company in a research note on Wednesday. Barclays decreased their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a research note on Tuesday, June 4th. Finally, Citigroup upped their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research note on Monday, April 8th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $253.00.

Illinois Tool Works Stock Down 0.8 %

Shares of NYSE ITW opened at $247.28 on Wednesday. The firm has a market cap of $73.79 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 3.74 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works has a 52-week low of $217.50 and a 52-week high of $271.15. The business’s 50 day moving average is $240.85 and its two-hundred day moving average is $251.19.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.41 earnings per share. Research analysts predict that Illinois Tool Works will post 10.3 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.26%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Turtle Creek Wealth Advisors LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Security National Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $29,000. 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.