Illinois Tool Works (NYSE:ITW) Price Target Increased to $262.00 by Analysts at Stifel Nicolaus

Illinois Tool Works (NYSE:ITW) had its target price boosted by Stifel Nicolaus from $260.00 to $262.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the industrial products company’s stock.

ITW has been the topic of several other reports. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Price Performance

NYSE:ITW opened at $260.83 on Wednesday. The stock has a 50 day moving average of $251.52 and a two-hundred day moving average of $247.50. Illinois Tool Works has a 12 month low of $217.50 and a 12 month high of $271.15. The firm has a market cap of $77.83 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.41 earnings per share. On average, analysts expect that Illinois Tool Works will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a $1.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently made changes to their positions in ITW. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the first quarter worth $34,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the second quarter worth $30,000. Rise Advisors LLC acquired a new stake in shares of Illinois Tool Works in the first quarter valued at $35,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.