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

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

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company increased their price objective on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a research note on Wednesday, May 7th. Robert W. Baird increased their price objective on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Truist Financial cut their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus raised their price target on Illinois Tool Works from $227.00 to $233.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $252.83.

Illinois Tool Works Trading Up 0.9%

Shares of NYSE:ITW traded up $2.28 during midday trading on Wednesday, reaching $262.03. The company had a trading volume of 904,757 shares, compared to its average volume of 998,504. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. Illinois Tool Works has a 1-year low of $214.66 and a 1-year high of $279.13. The firm has a market cap of $76.77 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 5.46 and a beta of 1.09. The company has a fifty day simple moving average of $246.68 and a two-hundred day simple moving average of $249.52.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.83 billion. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.44 EPS. Research analysts predict that Illinois Tool Works will post 10.39 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works's dividend payout ratio (DPR) is presently 52.77%.

Insider Activity at Illinois Tool Works

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ITW. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $806,291,000. GAMMA Investing LLC grew its holdings in shares of Illinois Tool Works by 26,372.8% during the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares in the last quarter. Auto Owners Insurance Co grew its holdings in shares of Illinois Tool Works by 55,978.4% during the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock worth $354,654,000 after purchasing an additional 1,427,450 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $293,928,000. Finally, Cerity Partners LLC grew its holdings in shares of Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock worth $229,269,000 after purchasing an additional 655,341 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.