Barclays Upgrades Illinois Tool Works (NYSE:ITW) to “Equal Weight”

Barclays upgraded shares of Illinois Tool Works (NYSE:ITW) from an underweight rating to an equal weight rating in a research report released on Thursday, Marketbeat reports. They currently have $270.00 price target on the industrial products company’s stock, up from their previous price target of $230.00.

A number of other research firms have also recently weighed in on ITW. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Robert W. Baird increased their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $266.30.

Illinois Tool Works Stock Performance

Shares of ITW opened at $273.53 on Thursday. The company’s 50 day simple moving average is $265.95 and its 200-day simple moving average is $251.68. Illinois Tool Works has a 12-month low of $232.77 and a 12-month high of $279.13. The firm has a market cap of $80.77 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 4.28 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 issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm posted $2.55 EPS. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts predict that Illinois Tool Works will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

A number of large investors have recently added to or reduced their stakes in the business. Retirement Systems of Alabama lifted its holdings in shares of Illinois Tool Works by 0.5% in the third quarter. Retirement Systems of Alabama now owns 184,289 shares of the industrial products company’s stock valued at $48,297,000 after purchasing an additional 948 shares in the last quarter. Franklin Resources Inc. grew its holdings in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after buying an additional 398,676 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in Illinois Tool Works by 128.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company’s stock worth $6,084,000 after buying an additional 13,062 shares in the last quarter. World Investment Advisors LLC raised its holdings in shares of Illinois Tool Works by 6.7% in the third quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company’s stock worth $4,186,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of Illinois Tool Works by 17.9% in the third quarter. Sanctuary Advisors LLC now owns 89,507 shares of the industrial products company’s stock valued at $24,521,000 after acquiring an additional 13,567 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Company Profile

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.