Illinois Tool Works (NYSE:ITW) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Illinois Tool Works (NYSE:ITW) from a hold rating to a buy rating in a research note published on Thursday.

A number of other analysts also recently issued reports on ITW. Citigroup lifted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $244.00 to $230.00 and set an underweight rating for the company in a report on Wednesday. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Truist Financial lowered their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a buy rating for the company in a research note on Tuesday, July 2nd. Finally, Barclays lowered their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $251.20.

Illinois Tool Works Stock Up 2.4 %

Illinois Tool Works stock opened at $245.93 on Thursday. The firm has a 50 day simple moving average of $241.39 and a 200 day simple moving average of $252.25. The firm has a market capitalization of $73.39 billion, a price-to-earnings ratio of 24.25, a P/E/G ratio of 3.62 and a beta of 1.10. 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 has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 19.07% and a return on equity of 97.82%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.33 EPS. On average, analysts predict that Illinois Tool Works will post 10.19 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Insider Activity

In related news, Director David Byron Smith, Jr. purchased 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The shares were bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. grew its holdings in Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 84 shares during the period. Rockline Wealth Management LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $4,180,000. GSA Capital Partners LLP bought a new position in shares of Illinois Tool Works in the first quarter worth approximately $1,147,000. Norden Group LLC lifted its stake in shares of Illinois Tool Works by 1,889.1% in the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.