Illinois Tool Works Inc. (NYSE:ITW) Receives $257.78 Consensus Price Target from Analysts

Shares of Illinois Tool Works Inc. (NYSE:ITW) have received an average rating of “Reduce” from the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $257.78.

ITW has been the subject of a number of research reports. Wells Fargo & Company lowered their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research report on Wednesday, May 1st. Barclays lowered their price target on Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a research report on Thursday, May 2nd. Stifel Nicolaus boosted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Truist Financial boosted their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st.

Insider Transactions at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Illinois Tool Works by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares in the last quarter. Northern Trust Corp raised its stake in Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after buying an additional 244,145 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Illinois Tool Works by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock valued at $1,578,299,000 after buying an additional 97,568 shares in the last quarter. Capital Research Global Investors raised its stake in Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after buying an additional 51,654 shares in the last quarter. Finally, Norges Bank acquired a new stake in Illinois Tool Works during the fourth quarter valued at approximately $818,408,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $250.60 on Wednesday. The firm has a market capitalization of $74.78 billion, a P/E ratio of 24.71, a PEG ratio of 3.69 and a beta of 1.14. The stock has a fifty day moving average price of $256.40 and a 200 day moving average price of $253.37. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 earnings per share. Equities research analysts anticipate that Illinois Tool Works will post 10.24 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

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.