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

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

ITW has been the subject of several other research reports. Truist Financial lowered their target price on shares of 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. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Robert W. Baird raised their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $227.00 to $233.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Citigroup cut their price objective 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. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $252.83.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded down $2.64 during midday trading on Wednesday, hitting $259.48. The company had a trading volume of 167,988 shares, compared to its average volume of 995,811. The stock has a market cap of $76.03 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 5.50 and a beta of 1.09. Illinois Tool Works has a 12-month low of $214.66 and a 12-month high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The company has a fifty day simple moving average of $247.15 and a 200 day simple moving average of $249.55.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate 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 business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the firm earned $2.44 EPS. The business's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, analysts predict that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the company's stock in a transaction on 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 completion of the transaction, the director owned 122,884 shares in the company, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.88% of the company's stock.

Institutional Trading of Illinois Tool Works

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sivia Capital Partners LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter valued at approximately $214,000. EP Wealth Advisors LLC grew its stake in shares of Illinois Tool Works by 42.2% in the 4th quarter. EP Wealth Advisors LLC now owns 5,718 shares of the industrial products company's stock valued at $1,450,000 after buying an additional 1,698 shares in the last quarter. Sowell Financial Services LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter valued at approximately $946,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Illinois Tool Works by 12.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,557 shares of the industrial products company's stock valued at $10,242,000 after buying an additional 4,560 shares in the last quarter. Finally, Alteri Wealth LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $224,000. Institutional investors and hedge funds 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.