Illinois Tool Works Inc. (NYSE:ITW) Receives $253.42 Consensus PT from Brokerages

Illinois Tool Works Inc. (NYSE:ITW) has been given an average rating of “Hold” by the thirteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $253.42.

Several brokerages have issued reports on ITW. UBS Group dropped their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating for the company in a report on Monday, May 19th. Citigroup lowered their price objective on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Barclays lowered their price objective on shares of Illinois Tool Works from $240.00 to $237.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. Finally, Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th.

Illinois Tool Works Trading Up 1.5%

Shares of Illinois Tool Works stock opened at $244.33 on Thursday. Illinois Tool Works has a 1 year low of $214.66 and a 1 year high of $279.13. The firm has a market cap of $71.59 billion, a PE ratio of 21.49, a PEG ratio of 5.18 and a beta of 1.10. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The company has a 50 day simple moving average of $242.55 and a two-hundred day simple moving average of $250.54.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The business had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the business posted $2.44 earnings per share. Illinois Tool Works’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts expect that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Monday, June 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Monday, June 30th. Illinois Tool Works’s payout ratio is 52.77%.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of Illinois Tool Works stock in a transaction on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the transaction, the director now owns 122,884 shares in the company, valued at $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth about $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth about $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works in the 1st quarter worth about $26,000. Finally, Glass Jacobson Investment Advisors llc grew its position in shares of Illinois Tool Works by 336.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after buying an additional 84 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

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.