Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Price Target at $252.83

Illinois Tool Works Inc. (NYSE:ITW) has been assigned an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $253.83.

ITW has been the topic of a number of research analyst reports. Truist Financial decreased their target price on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Citigroup boosted their target price on Illinois Tool Works from $254.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday. Evercore ISI decreased their target price on Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Wells Fargo & Company boosted their target price on Illinois Tool Works from $230.00 to $235.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 1st. Finally, Bank of America downgraded Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 target price on the stock. in a research report on Wednesday, May 7th.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $256.81 on Monday. The stock’s 50-day simple moving average is $248.48 and its 200-day simple moving average is $249.53. Illinois Tool Works has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a market capitalization of $75.24 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 5.42 and a beta of 1.09. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 92.77% and a net margin of 21.37%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the previous year, the business earned $2.44 earnings per share. The business’s revenue was down 3.4% on a year-over-year basis. As a group, analysts expect that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Monday, June 30th were paid a dividend of $1.50 per share. The ex-dividend date was Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.34%. Illinois Tool Works’s dividend payout ratio is 52.77%.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the business’s stock in a transaction dated Monday, June 2nd. The shares were purchased at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares in the company, valued at $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

Large investors have recently modified their holdings of the company. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter worth $26,000. Redwood Park Advisors LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works during the first quarter worth $26,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings in Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after buying an additional 84 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.