Illinois Tool Works (NYSE:ITW) Price Target Raised to $240.00

Illinois Tool Works (NYSE:ITW - Free Report) had its price objective increased by Barclays from $237.00 to $240.00 in a report published on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the industrial products company's stock.

A number of other research firms have also recently weighed in on ITW. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. UBS Group reduced their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Truist Financial reduced their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup reduced their price target on shares of Illinois Tool Works from $265.00 to $253.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Evercore ISI reduced their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $252.83.

Illinois Tool Works Price Performance

Shares of ITW traded down $2.41 during trading hours on Wednesday, reaching $259.71. 745,703 shares of the stock traded hands, compared to its average volume of 998,408. The company has a current ratio of 1.60, a quick ratio of 1.16 and a debt-to-equity ratio of 2.25. Illinois Tool Works has a 52-week low of $214.66 and a 52-week high of $279.13. The company's 50-day moving average price is $247.49 and its two-hundred day moving average price is $249.55. The company has a market cap of $76.10 billion, a P/E ratio of 22.84, a price-to-earnings-growth ratio of 5.55 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the previous year, the company earned $2.44 EPS. Illinois Tool Works's revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts anticipate that Illinois Tool Works will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a $1.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of Illinois Tool Works stock in a transaction dated Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the acquisition, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Illinois Tool Works

A number of large investors have recently made changes to their positions in ITW. Prudent Man Investment Management Inc. purchased a new position in shares of Illinois Tool Works during the 4th quarter worth about $25,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $26,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the 1st quarter valued at about $26,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after buying an additional 84 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.