Barclays Increases Illinois Tool Works (NYSE:ITW) Price Target to $230.00

Illinois Tool Works (NYSE:ITW - Free Report) had its price objective increased by Barclays from $224.00 to $230.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an underweight rating on the industrial products company's stock.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company downgraded shares of Illinois Tool Works from an equal weight rating to an underweight rating and dropped their target price for the stock from $277.00 to $240.00 in a research note on Tuesday, February 6th. Citigroup increased their price objective on shares of Illinois Tool Works from $244.00 to $256.00 and gave the company a neutral rating in a research note on Monday, December 11th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $238.00 to $239.00 and gave the company a hold rating in a research note on Tuesday, January 23rd. Bank of America downgraded shares of Illinois Tool Works from a neutral rating to an underperform rating and dropped their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Truist Financial initiated coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a buy rating and a $301.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $246.10.

Illinois Tool Works Price Performance

ITW stock traded down $1.30 during mid-day trading on Tuesday, hitting $263.93. The company had a trading volume of 888,133 shares, compared to its average volume of 1,285,308. The company has a market capitalization of $78.85 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 4.61 and a beta of 1.13. Illinois Tool Works has a 12-month low of $217.06 and a 12-month high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The company has a 50-day moving average price of $260.91 and a 200 day moving average price of $248.71.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business's revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.34 EPS. On average, research analysts anticipate that Illinois Tool Works will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Friday, March 29th will be given a dividend of $1.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. Illinois Tool Works's payout ratio is 57.49%.

Insider Transactions at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company's stock, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company's stock, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares of the company's stock, valued at $1,505,185.40. The disclosure for this sale can be found here. In the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. Corporate insiders own 1.26% of the company's stock.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently made changes to their positions in the business. Rockline Wealth Management LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $4,180,000. Wesbanco Bank Inc. boosted its holdings in Illinois Tool Works by 23.4% in the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company's stock valued at $1,401,000 after acquiring an additional 1,152 shares during the last quarter. Ziegler Capital Management LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $224,000. DNB Asset Management AS raised its position in Illinois Tool Works by 8.0% in the fourth quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company's stock valued at $35,506,000 after purchasing an additional 10,062 shares during the period. Finally, BKM Wealth Management LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at about $1,770,000. 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.