Wells Fargo & Co set a $145.00 price target on Illinois Tool Works (NYSE:ITW) in a research report sent to investors on Thursday, The Fly reports. The brokerage currently has a buy rating on the industrial products company’s stock.
Several other equities analysts also recently commented on the company. Citigroup set a $148.00 target price on Illinois Tool Works and gave the company a buy rating in a research report on Thursday. Robert W. Baird set a $130.00 target price on Illinois Tool Works and gave the company a hold rating in a research report on Wednesday, October 24th. Seaport Global Securities downgraded Illinois Tool Works from a buy rating to a neutral rating and decreased their target price for the company from $170.00 to $132.00 in a research report on Thursday. Gordon Haskett started coverage on Illinois Tool Works in a research report on Friday, October 12th. They issued a hold rating on the stock. Finally, ValuEngine downgraded Illinois Tool Works from a hold rating to a sell rating in a research report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Illinois Tool Works has an average rating of Hold and an average target price of $150.18.
Illinois Tool Works stock opened at $124.10 on Thursday. Illinois Tool Works has a 12 month low of $119.38 and a 12 month high of $179.07. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. The company has a market capitalization of $41.62 billion, a PE ratio of 18.83, a PEG ratio of 1.65 and a beta of 1.22.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Investors of record on Friday, September 28th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, September 27th. This represents a $4.00 dividend on an annualized basis and a yield of 3.22%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio is currently 60.70%.
Illinois Tool Works announced that its Board of Directors has initiated a share buyback program on Friday, August 3rd that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of large investors have recently modified their holdings of the stock. CX Institutional bought a new stake in Illinois Tool Works during the second quarter worth $101,000. Kaizen Advisory LLC lifted its stake in Illinois Tool Works by 151.0% during the second quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 450 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake in Illinois Tool Works by 220.1% during the third quarter. Capital Advisors Ltd. LLC now owns 797 shares of the industrial products company’s stock worth $112,000 after purchasing an additional 548 shares during the last quarter. Sun Life Financial INC lifted its stake in Illinois Tool Works by 277.2% during the second quarter. Sun Life Financial INC now owns 826 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 607 shares during the last quarter. Finally, Fort L.P. bought a new stake in Illinois Tool Works during the second quarter worth $117,000. 76.24% of the stock is currently owned by institutional investors and hedge funds.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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