StockNews.com Lowers Illinois Tool Works (NYSE:ITW) to Hold

StockNews.com downgraded shares of Illinois Tool Works (NYSE:ITWFree Report) from a buy rating to a hold rating in a research note published on Friday.

A number of other equities research analysts have also weighed in on ITW. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Barclays decreased their target price on Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a research report on Tuesday, June 4th. Citigroup lifted 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. Wells Fargo & Company reduced their price target on Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research note on Wednesday, May 1st. Finally, Truist Financial raised their price objective 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. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of Hold and an average price target of $256.44.

Check Out Our Latest Stock Analysis on Illinois Tool Works

Illinois Tool Works Stock Up 0.9 %

Shares of NYSE:ITW opened at $242.59 on Friday. Illinois Tool Works has a 12-month low of $217.50 and a 12-month 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. The stock’s 50-day moving average price is $244.49 and its 200-day moving average price is $254.22. The stock has a market capitalization of $72.39 billion, a P/E ratio of 23.92, a price-to-earnings-growth ratio of 3.62 and a beta of 1.11.

Illinois Tool Works (NYSE:ITWGet Free Report) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the business earned $2.33 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. On average, equities analysts anticipate that Illinois Tool Works will post 10.22 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. Illinois Tool Works’s payout ratio is 55.23%.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The stock was 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 owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Illinois Tool Works

Institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its position in shares of Illinois Tool Works by 8.9% in the third quarter. FMR LLC now owns 1,005,817 shares of the industrial products company’s stock worth $231,650,000 after purchasing an additional 82,017 shares during the period. LPL Financial LLC lifted its position in shares of Illinois Tool Works by 9.5% in the third quarter. LPL Financial LLC now owns 395,830 shares of the industrial products company’s stock valued at $91,164,000 after acquiring an additional 34,408 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Illinois Tool Works in the third quarter worth about $1,152,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Illinois Tool Works by 0.6% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 12,154 shares of the industrial products company’s stock worth $2,799,000 after purchasing an additional 77 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co raised its stake in Illinois Tool Works by 44.9% during the 3rd quarter. Meiji Yasuda Life Insurance Co now owns 5,082 shares of the industrial products company’s stock valued at $1,170,000 after purchasing an additional 1,575 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Company Profile

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

Receive News & Ratings for Illinois Tool Works Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works and related companies with MarketBeat.com's FREE daily email newsletter.