Illinois Tool Works (NYSE:ITW) Shares Gap Up to $248.02

Illinois Tool Works Inc. (NYSE:ITW)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $248.02, but opened at $255.44. Illinois Tool Works shares last traded at $250.20, with a volume of 372,747 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ITW. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. Barclays decreased their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Citigroup lifted 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. Truist Financial lowered their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Saturday, July 20th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $253.30.

Illinois Tool Works Stock Performance

The firm has a fifty day simple moving average of $240.87 and a 200-day simple moving average of $251.25. The stock has a market cap of $73.23 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 3.77 and a beta of 1.10. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the company earned $2.33 earnings per share. Analysts forecast that Illinois Tool Works Inc. will post 10.14 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were paid a $1.40 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works’s payout ratio is presently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ITW. Global Retirement Partners LLC lifted its holdings in Illinois Tool Works by 16.6% during the fourth quarter. Global Retirement Partners LLC now owns 2,063 shares of the industrial products company’s stock worth $523,000 after acquiring an additional 293 shares in the last quarter. Miracle Mile Advisors LLC increased its stake in Illinois Tool Works by 139.3% during the 4th quarter. Miracle Mile Advisors LLC now owns 5,453 shares of the industrial products company’s stock worth $1,428,000 after purchasing an additional 3,174 shares in the last quarter. Essex Savings Bank raised its holdings in Illinois Tool Works by 14.5% during the 4th quarter. Essex Savings Bank now owns 4,214 shares of the industrial products company’s stock worth $1,104,000 after buying an additional 535 shares during the period. Ascent Wealth Partners LLC lifted its stake in Illinois Tool Works by 1.0% in the fourth quarter. Ascent Wealth Partners LLC now owns 27,572 shares of the industrial products company’s stock valued at $7,222,000 after buying an additional 276 shares in the last quarter. Finally, Pinnacle Financial Partners Inc boosted its holdings in shares of Illinois Tool Works by 2.0% in the fourth quarter. Pinnacle Financial Partners Inc now owns 3,045 shares of the industrial products company’s stock valued at $798,000 after buying an additional 61 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

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.