Illinois Tool Works (NYSE:ITW) Stock Price Up 0.2%

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) traded up 0.2% during trading on Wednesday . The stock traded as high as $249.98 and last traded at $249.28. 131,304 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 1,188,734 shares. The stock had previously closed at $248.78.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ITW. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a report on Monday, April 8th. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating on the stock in a report on Wednesday, May 1st. Truist Financial lifted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the stock a "buy" rating in a report on Wednesday, May 1st. 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 research note on Wednesday, April 17th. Finally, Barclays reduced their target price on Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating for the company in a research note on Thursday, May 2nd. 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 data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $257.78.

Illinois Tool Works Price Performance

The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The firm has a market capitalization of $74.21 billion, a P/E ratio of 24.53, a P/E/G ratio of 3.71 and a beta of 1.14. The company has a 50 day moving average of $255.90 and a 200-day moving average of $254.03.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the company posted $2.33 earnings per share. Illinois Tool Works's revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.24 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, June 28th. Illinois Tool Works's dividend payout ratio (DPR) is currently 55.23%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 37,167 shares of the business's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company's stock, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Illinois Tool Works

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Illinois Tool Works by 12.0% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,990 shares of the industrial products company's stock valued at $919,000 after purchasing an additional 427 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Illinois Tool Works by 1.9% during the 3rd quarter. Private Advisor Group LLC now owns 40,104 shares of the industrial products company's stock valued at $9,236,000 after acquiring an additional 744 shares in the last quarter. Sentry Investment Management LLC acquired a new position in Illinois Tool Works in the 3rd quarter worth about $365,000. Hartline Investment Corp raised its position in Illinois Tool Works by 6.3% in the third quarter. Hartline Investment Corp now owns 15,102 shares of the industrial products company's stock valued at $3,478,000 after purchasing an additional 900 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of Illinois Tool Works by 8.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 201,041 shares of the industrial products company's stock valued at $46,302,000 after purchasing an additional 15,529 shares in the last quarter. 79.77% of the stock is currently owned by 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.