Illinois Tool Works (NYSE:ITW) PT Lowered to $136.00

Illinois Tool Works (NYSE:ITW) had its price objective reduced by Morgan Stanley from $140.00 to $136.00 in a report published on Wednesday, BenzingaRatingsTable reports. They currently have an underweight rating on the industrial products company’s stock.

Several other equities research analysts have also issued reports on ITW. Stifel Nicolaus set a $143.00 price target on Illinois Tool Works and gave the company a hold rating in a report on Wednesday, October 9th. Goldman Sachs Group lowered Illinois Tool Works from a neutral rating to a sell rating and set a $144.00 price target for the company. in a report on Monday, September 23rd. They noted that the move was a valuation call. Credit Suisse Group lifted their price target on Illinois Tool Works from $124.00 to $152.00 and gave the company a market perform rating in a report on Monday, July 29th. Citigroup reduced their price target on Illinois Tool Works from $158.00 to $155.00 and set a neutral rating for the company in a report on Tuesday, October 15th. Finally, UBS Group lifted their price target on Illinois Tool Works from $150.00 to $154.00 and gave the company a neutral rating in a report on Monday, July 29th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $141.50.

Shares of Illinois Tool Works stock opened at $158.31 on Wednesday. The firm has a market cap of $50.77 billion, a price-to-earnings ratio of 20.83, a P/E/G ratio of 2.78 and a beta of 1.22. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.87 and a quick ratio of 2.30. Illinois Tool Works has a 52-week low of $117.75 and a 52-week high of $161.71. The stock has a 50-day simple moving average of $153.47 and a 200-day simple moving average of $151.49.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.03. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.73 billion. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The firm’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.97 EPS. As a group, equities research analysts predict that Illinois Tool Works will post 7.68 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 9th. Investors of record on Monday, September 30th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.70%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.00. The ex-dividend date was Friday, September 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 56.32%.

In related news, CFO Michael M. Larsen sold 35,617 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $159.61, for a total value of $5,684,829.37. Following the transaction, the chief financial officer now directly owns 38,726 shares of the company’s stock, valued at approximately $6,181,056.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Juan Valls sold 64,894 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $160.51, for a total value of $10,416,135.94. Following the completion of the transaction, the executive vice president now directly owns 67,047 shares in the company, valued at $10,761,713.97. The disclosure for this sale can be found here. Insiders sold a total of 158,458 shares of company stock worth $25,172,163 over the last three months. 0.87% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Hexavest Inc. bought a new position in Illinois Tool Works in the 2nd quarter worth approximately $26,000. Asset Dedication LLC increased its position in Illinois Tool Works by 105.3% in the 2nd quarter. Asset Dedication LLC now owns 195 shares of the industrial products company’s stock worth $30,000 after buying an additional 100 shares during the period. Strategic Blueprint LLC bought a new position in Illinois Tool Works in the 3rd quarter worth approximately $31,000. Weaver Consulting Group bought a new position in Illinois Tool Works in the 1st quarter worth approximately $32,000. Finally, Garrett Wealth Advisory Group LLC bought a new position in Illinois Tool Works in the 3rd quarter worth approximately $33,000. 77.57% of the stock is currently owned by institutional investors.

About Illinois Tool Works

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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Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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