Illinois Tool Works (NYSE:ITW) PT Raised to $305.00

Illinois Tool Works (NYSE:ITW - Free Report) had its target price increased by Truist Financial from $303.00 to $305.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the industrial products company's stock.

Several other research analysts have also recently issued reports on ITW. Bank of America cut Illinois Tool Works from a neutral rating to an underperform rating and decreased their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Barclays upped their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a report on Tuesday, April 2nd. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a report on Monday, April 8th. Stifel Nicolaus upped their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a report on Wednesday, April 17th. Finally, Wells Fargo & Company lowered Illinois Tool Works from an equal weight rating to an underweight rating and cut their price objective for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $257.89.

Illinois Tool Works Stock Performance

ITW traded down $1.84 during trading on Wednesday, reaching $242.27. 1,285,306 shares of the company were exchanged, compared to its average volume of 1,261,157. The stock has a market cap of $72.38 billion, a P/E ratio of 24.87, a PEG ratio of 3.67 and a beta of 1.13. The firm has a 50 day moving average of $259.40 and a 200 day moving average of $251.72. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the business earned $2.33 EPS. The firm's revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Illinois Tool Works will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works's dividend payout ratio is 57.49%.

Insider Activity

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the company's stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company's stock, valued at $56,321,252.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now directly owns 8,870 shares of the company's stock, valued at approximately $2,273,292.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company's stock, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 over the last three months. Insiders own 0.88% of the company's stock.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company's stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Northern Trust Corp lifted its stake in Illinois Tool Works by 1.9% in the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company's stock worth $2,954,691,000 after acquiring an additional 244,145 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Illinois Tool Works by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company's stock worth $1,578,299,000 after acquiring an additional 97,568 shares in the last quarter. Norges Bank purchased a new stake in Illinois Tool Works in the 4th quarter worth about $818,408,000. Finally, Fisher Asset Management LLC increased its position in Illinois Tool Works by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company's stock worth $773,234,000 after purchasing an additional 122,840 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

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.