Wells Fargo & Company Cuts Illinois Tool Works (NYSE:ITW) Price Target to $250.00

Illinois Tool Works (NYSE:ITW) had its price target decreased by Wells Fargo & Company from $260.00 to $250.00 in a research report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the industrial products company’s stock.

ITW has been the subject of several other reports. Stifel Nicolaus lifted their price target on Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. Barclays raised shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group boosted their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Truist Financial raised their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $268.00.

Illinois Tool Works Trading Down 0.4 %

Shares of Illinois Tool Works stock opened at $247.66 on Tuesday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The business has a fifty day simple moving average of $266.27 and a two-hundred day simple moving average of $254.85. Illinois Tool Works has a 1 year low of $232.77 and a 1 year high of $279.13. The company has a market capitalization of $73.13 billion, a price-to-earnings ratio of 21.42, a P/E/G ratio of 4.22 and a beta of 1.11.

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

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.42%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Institutional Trading of Illinois Tool Works

Several large investors have recently bought and sold shares of ITW. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. True Wealth Design LLC boosted 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 buying an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the third quarter worth $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its holdings 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 valued at $38,000 after acquiring 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.