Illinois Tool Works Inc. (NYSE:ITW) Receives $268.50 Average Target Price from Analysts

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

Several equities analysts have issued reports on the company. Citigroup lifted their target price on Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Barclays raised Illinois Tool Works from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $230.00 to $270.00 in a research report on Thursday, December 5th.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in shares of Illinois Tool Works by 1.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 13,917 shares of the industrial products company’s stock valued at $3,298,000 after buying an additional 136 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Illinois Tool Works by 1.9% during the second quarter. Harbour Investments Inc. now owns 3,611 shares of the industrial products company’s stock worth $856,000 after purchasing an additional 67 shares in the last quarter. F M Investments LLC acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth about $202,000. Arjuna Capital lifted its stake in Illinois Tool Works by 1.5% in the 2nd quarter. Arjuna Capital now owns 5,221 shares of the industrial products company’s stock valued at $1,237,000 after buying an additional 77 shares in the last quarter. Finally, iA Global Asset Management Inc. boosted its stake in shares of Illinois Tool Works by 93.0% in the second quarter. iA Global Asset Management Inc. now owns 14,670 shares of the industrial products company’s stock worth $3,476,000 after acquiring an additional 7,067 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.9 %

NYSE ITW opened at $256.55 on Thursday. The company’s 50-day simple moving average is $267.48 and its two-hundred day simple moving average is $254.26. Illinois Tool Works has a one year low of $232.77 and a one year high of $279.13. The company has a market capitalization of $75.76 billion, a price-to-earnings ratio of 22.19, a price-to-earnings-growth ratio of 4.22 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.