Illinois Tool Works (NYSE:ITW) Stock Price Down 2.5%

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) shares fell 2.5% on Thursday . The stock traded as low as $241.74 and last traded at $242.52. 388,273 shares traded hands during trading, a decline of 67% from the average session volume of 1,189,167 shares. The stock had previously closed at $248.74.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ITW shares. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Wednesday, May 1st. Truist Financial raised their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a "buy" rating in a report on Wednesday, May 1st. Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating for the company in a report on Wednesday, May 1st. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a "hold" rating in a report on Wednesday, April 17th. Finally, Barclays lowered their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating for the company in a research report 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 stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of "Hold" and a consensus target price of $257.78.

Illinois Tool Works Price Performance

The stock's 50-day moving average is $255.15 and its 200 day moving average is $253.90. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The company has a market cap of $72.05 billion, a PE ratio of 23.81, a PEG ratio of 3.69 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $3.97 billion during the quarter, compared to analysts' expectations of $4.03 billion. During the same quarter in the prior year, the company posted $2.33 earnings per share. Illinois Tool Works's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.32%. Illinois Tool Works's payout ratio is 55.23%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ITW. Briaud Financial Planning Inc acquired a new position in Illinois Tool Works during the 3rd quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter valued at approximately $26,000. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter valued at approximately $26,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. Finally, Security National Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. Institutional investors and hedge funds own 79.77% of the company's stock.

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.