Illinois Tool Works (NYSE:ITW) Price Target Increased to $305.00 by Analysts at Truist Financial

Illinois Tool Works (NYSE:ITW) had its target price boosted by Truist Financial from $303.00 to $305.00 in a report released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

A number of other research firms have also weighed in on ITW. Barclays upped their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research note on Tuesday, April 2nd. Bank of America cut shares of Illinois Tool Works from a neutral rating to an underperform rating and decreased their price objective for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Stifel Nicolaus increased their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a report on Wednesday, April 17th. Wells Fargo & Company downgraded Illinois Tool Works from an equal weight rating to an underweight rating and decreased their price target for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Finally, Citigroup increased their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has an average rating of Hold and an average target price of $257.89.

Illinois Tool Works Stock Down 0.8 %

Shares of NYSE:ITW opened at $242.27 on Wednesday. The firm’s 50-day moving average is $259.40 and its two-hundred day moving average is $251.72. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The firm has a market capitalization of $72.38 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 3.46 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.33 earnings per share. Analysts predict that Illinois Tool Works will post 10.5 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Activity

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,321,252.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 189,471 shares of company stock valued at $48,712,316. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Illinois Tool Works by 1.4% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after acquiring an additional 84 shares during the period. Rockline Wealth Management LLC acquired a new position in Illinois Tool Works during the fourth quarter worth $4,180,000. Wesbanco Bank Inc. boosted its position in Illinois Tool Works by 23.4% during the third quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after purchasing an additional 1,152 shares in the last quarter. Ziegler Capital Management LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at $224,000. Finally, Tyche Wealth Partners LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter worth $2,972,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

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.