Illinois Tool Works (NYSE:ITW) Price Target Raised to $259.00 at Stifel Nicolaus

Illinois Tool Works (NYSE:ITW) had its price objective hoisted by Stifel Nicolaus from $258.00 to $259.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the industrial products company’s stock.

ITW has been the subject of several other reports. Truist Financial started coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They set a buy rating and a $301.00 target price for the company. Citigroup upped their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research note on Monday, April 8th. Bank of America cut 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. Wells Fargo & Company cut shares of Illinois Tool Works from an equal weight rating to an underweight rating and dropped their price objective for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Finally, Barclays increased their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research report on Tuesday, April 2nd. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of Hold and a consensus price target of $257.00.

Illinois Tool Works Price Performance

NYSE ITW opened at $249.54 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company has a fifty day simple moving average of $260.75 and a 200 day simple moving average of $250.66. The company has a market cap of $74.55 billion, a P/E ratio of 25.62, a P/E/G ratio of 3.69 and a beta of 1.13. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15.

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

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insiders Place Their Bets

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 in the last 90 days. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aspect Partners LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Security National Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Finally, Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Institutional investors 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.