Citigroup Issues Positive Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW - Free Report) had its price objective raised by Citigroup from $254.00 to $265.00 in a report issued on Monday,Benzinga reports. The firm currently has a neutral rating on the industrial products company's stock.

Other equities analysts have also issued reports about the company. UBS Group reduced their price objective on Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Robert W. Baird raised their price target on Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Evercore ISI reduced their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Truist Financial reduced their price target on Illinois Tool Works from $302.00 to $284.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company raised their price target on Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $253.83.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $1.32 during trading on Monday, reaching $256.30. The company's stock had a trading volume of 718,148 shares, compared to its average volume of 995,665. The firm has a market cap of $75.10 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 5.50 and a beta of 1.09. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.16 and a current ratio of 1.60. The firm has a 50 day moving average of $247.83 and a 200-day moving average of $249.43. Illinois Tool Works has a 12 month low of $214.66 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $2.34 by $0.04. The firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.44 EPS. Research analysts expect that Illinois Tool Works will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Monday, June 30th. Illinois Tool Works's dividend payout ratio is currently 52.77%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth approximately $25,000. Redwood Park Advisors LLC bought a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. Ameriflex Group Inc. bought a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works during the 1st quarter valued at $26,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of 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 worth $28,000 after purchasing an additional 84 shares in the last quarter. 79.77% of the stock is currently 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.