Illinois Tool Works (NYSE:ITW) Price Target Raised to $250.00 at Robert W. Baird

Illinois Tool Works (NYSE:ITW) had its price target raised by Robert W. Baird from $240.00 to $250.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

A number of other brokerages have also commented on ITW. Evercore ISI cut their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Barclays reduced their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus raised their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Jefferies Financial Group decreased their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $256.40.

Illinois Tool Works Trading Up 0.7 %

Shares of ITW stock opened at $263.08 on Thursday. Illinois Tool Works has a twelve month low of $225.88 and a twelve month high of $271.15. The stock’s fifty day simple moving average is $255.59 and its 200 day simple moving average is $247.39. The company has a quick ratio of 0.92, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $77.69 billion, a P/E ratio of 22.76, a P/E/G ratio of 3.97 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the business posted $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Illinois Tool Works will post 10.63 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors have recently made changes to their positions in ITW. Norden Group LLC raised its stake in Illinois Tool Works by 30.6% during the 1st quarter. Norden Group LLC now owns 1,738 shares of the industrial products company’s stock worth $466,000 after buying an additional 407 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Illinois Tool Works by 0.3% in the 1st quarter. Private Advisor Group LLC now owns 41,489 shares of the industrial products company’s stock worth $11,133,000 after purchasing an additional 115 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in Illinois Tool Works in the 1st quarter valued at $579,000. BOK Financial Private Wealth Inc. bought a new stake in Illinois Tool Works during the 1st quarter valued at $67,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Illinois Tool Works by 0.3% in the first quarter. Janney Montgomery Scott LLC now owns 205,800 shares of the industrial products company’s stock valued at $55,222,000 after buying an additional 695 shares in the last quarter. Institutional investors and hedge funds 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.