Illinois Tool Works (NYSE:ITW) Stock Price Down 1.4%

Illinois Tool Works Inc. (NYSE:ITWGet Free Report)’s stock price dropped 1.4% during trading on Monday . The stock traded as low as $239.29 and last traded at $239.39. Approximately 221,679 shares were traded during trading, a decline of 82% from the average daily volume of 1,200,313 shares. The stock had previously closed at $242.75.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ITW. Wells Fargo & Company reduced 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. Citigroup lifted their price objective 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. Truist Financial upped their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. 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. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $257.78.

Get Our Latest Research Report on Illinois Tool Works

Illinois Tool Works Stock Performance

The firm has a market cap of $71.47 billion, a PE ratio of 23.61, a PEG ratio of 3.60 and a beta of 1.11. The company has a 50-day simple moving average of $251.70 and a two-hundred day simple moving average of $254.49. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITWGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Activity

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the 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 owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.26% of the company’s stock.

Institutional Trading of Illinois Tool Works

Institutional investors have recently added to or reduced their stakes in the stock. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after acquiring an additional 84 shares during the period. Rockline Wealth Management LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth $4,180,000. Wesbanco Bank Inc. raised its position in shares of 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 worth $1,401,000 after buying an additional 1,152 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Illinois Tool Works by 6.0% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after buying an additional 12,065 shares during the period. Finally, Ziegler Capital Management LLC purchased a new position in Illinois Tool Works during the fourth quarter worth about $224,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

(Get Free Report)

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.

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