Illinois Tool Works (NYSE:ITW) Given New $234.00 Price Target at UBS Group

Illinois Tool Works (NYSE:ITW) had its price target reduced by UBS Group from $269.00 to $234.00 in a research note released on Monday,Benzinga reports. UBS Group currently has a neutral rating on the industrial products company’s stock.

Several other analysts also recently commented on ITW. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. decreased their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, Barclays dropped their price objective on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $265.18.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $221.56 on Monday. The company has a 50 day simple moving average of $255.91 and a two-hundred day simple moving average of $260.23. Illinois Tool Works has a fifty-two week low of $215.46 and a fifty-two week high of $279.13. The company has a market capitalization of $65.00 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Analysts expect that Illinois Tool Works will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.71%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Insider Transactions at Illinois Tool Works

In other news, CFO Michael M. Larsen sold 41,472 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ernest Scott Santi sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the transaction, the director now owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 159,925 shares of company stock worth $42,973,845 in the last 90 days. 0.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently modified their holdings of ITW. Norges Bank bought a new position in Illinois Tool Works in the 4th quarter worth $806,291,000. GAMMA Investing LLC boosted its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company’s stock worth $5,123,080,000 after acquiring an additional 2,057,872 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $203,949,000. Cerity Partners LLC raised its stake in Illinois Tool Works by 263.9% during the 4th quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company’s stock valued at $229,269,000 after purchasing an additional 655,341 shares during the period. Finally, Northern Trust Corp boosted its stake in Illinois Tool Works by 3.9% in the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company’s stock worth $3,465,570,000 after purchasing an additional 508,188 shares during the period. 79.77% of the stock is currently owned by institutional investors.

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.