Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Price Target at $268.50

Shares of Illinois Tool Works Inc. (NYSE:ITW) have earned an average rating of “Hold” from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $268.50.

Several equities research analysts recently weighed in on ITW shares. Stifel Nicolaus boosted their target price on Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research note on Wednesday, December 11th. Truist Financial upped their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Barclays upgraded Illinois Tool Works from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $230.00 to $270.00 in a research report on Thursday, December 5th.

Illinois Tool Works Trading Down 0.5 %

Shares of NYSE:ITW opened at $253.56 on Thursday. Illinois Tool Works has a 52 week low of $232.77 and a 52 week high of $279.13. The company’s 50 day moving average is $267.29 and its two-hundred day moving average is $254.58. The company has a market cap of $74.88 billion, a PE ratio of 21.93, a P/E/G ratio of 4.22 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.55 earnings per share. Equities analysts predict that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.37%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds have recently modified their holdings of the stock. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the 2nd quarter worth $30,000. True Wealth Design LLC lifted its position in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at approximately $32,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

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.