Stifel Nicolaus Cuts Illinois Tool Works (NYSE:ITW) Price Target to $260.00

Illinois Tool Works (NYSE:ITW) had its target price trimmed by Stifel Nicolaus from $268.00 to $260.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the industrial products company’s stock.

A number of other analysts also recently issued reports on ITW. Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating for the company in a report on Thursday, July 11th. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. Wells Fargo & Company cut their price target on shares of Illinois Tool Works from $244.00 to $230.00 and set an underweight rating for the company in a report on Wednesday, July 10th. Barclays cut their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a report on Tuesday, June 4th. Finally, Truist Financial lowered their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a buy rating for the company in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $253.00.

Illinois Tool Works Stock Down 0.8 %

ITW stock opened at $247.28 on Wednesday. The company has a market cap of $73.79 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 3.74 and a beta of 1.10. 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 12 month low of $217.50 and a 12 month high of $271.15. The firm has a 50-day moving average of $240.85 and a two-hundred day moving average of $251.19.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.41 EPS. As a group, analysts forecast that Illinois Tool Works will post 10.3 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were given a $1.40 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.26%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Valmark Advisers Inc. raised its holdings in shares of Illinois Tool Works by 2.4% in the 2nd quarter. Valmark Advisers Inc. now owns 9,239 shares of the industrial products company’s stock valued at $2,189,000 after purchasing an additional 215 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Illinois Tool Works by 210.2% in the 2nd quarter. Ritholtz Wealth Management now owns 12,063 shares of the industrial products company’s stock valued at $2,858,000 after purchasing an additional 8,174 shares in the last quarter. Summit Financial LLC raised its holdings in shares of Illinois Tool Works by 48.2% in the 2nd quarter. Summit Financial LLC now owns 3,510 shares of the industrial products company’s stock valued at $837,000 after purchasing an additional 1,142 shares in the last quarter. Essex Financial Services Inc. raised its holdings in shares of Illinois Tool Works by 8.7% in the 2nd quarter. Essex Financial Services Inc. now owns 2,759 shares of the industrial products company’s stock valued at $658,000 after purchasing an additional 220 shares in the last quarter. Finally, Shoker Investment Counsel Inc. raised its stake in Illinois Tool Works by 3.6% during the 2nd quarter. Shoker Investment Counsel Inc. now owns 9,906 shares of the industrial products company’s stock worth $2,348,000 after acquiring an additional 345 shares in the last quarter. 79.77% of the stock is currently 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.