Illinois Tool Works (NYSE:ITW) Price Target Lowered to $246.00 at Evercore ISI

Illinois Tool Works (NYSE:ITW) had its price target lowered by Evercore ISI from $251.00 to $246.00 in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage currently has an in-line rating on the industrial products company’s stock.

ITW has been the topic of a number of other research reports. Truist Financial dropped their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a strong-buy rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $230.00 to $236.00 and gave the company an underweight rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Finally, StockNews.com downgraded Illinois Tool Works from a buy rating to a hold rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $250.22.

Illinois Tool Works Trading Up 1.3 %

Shares of ITW stock opened at $246.63 on Monday. The stock has a market cap of $73.59 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 3.80 and a beta of 1.10. The stock has a 50-day moving average of $241.11 and a 200-day moving average of $249.36. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. Illinois Tool Works has a 1-year low of $217.50 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the firm posted $2.41 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts forecast that Illinois Tool Works will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.43%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds have recently added to or reduced their stakes in the stock. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter valued at about $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Christopher J. Hasenberg Inc purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $32,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $34,000. 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.