Illinois Tool Works (NYSE:ITW) Price Target Raised to $318.00

Illinois Tool Works (NYSE:ITW) had its price target increased by Truist Financial from $312.00 to $318.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other research analysts have also commented on the stock. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Citigroup lifted their target price on shares of Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $268.50.

Illinois Tool Works Trading Up 0.3 %

NYSE:ITW opened at $258.82 on Thursday. The company has a market cap of $76.43 billion, a P/E ratio of 22.39, a P/E/G ratio of 4.23 and a beta of 1.10. Illinois Tool Works has a 1 year low of $232.77 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The stock’s fifty day moving average price is $267.77 and its two-hundred day moving average price is $253.62.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company earned $2.55 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, analysts expect that Illinois Tool Works will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.32%. Illinois Tool Works’s payout ratio is currently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nikulski Financial Inc. boosted its holdings in shares of Illinois Tool Works by 3.6% during the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 39 shares during the period. Mitchell Mcleod Pugh & Williams Inc. increased its stake in shares of Illinois Tool Works by 2.5% during the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after buying an additional 40 shares during the period. Sigma Planning Corp lifted its stake in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock worth $1,216,000 after acquiring an additional 41 shares during the period. Harbour Investments Inc. increased its position in Illinois Tool Works by 1.1% during the 3rd quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after purchasing an additional 41 shares during the period. Finally, Procyon Advisors LLC increased its position in shares of Illinois Tool Works by 2.7% during the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock valued at $422,000 after buying an additional 43 shares during the period. 79.77% of the stock is currently owned by institutional investors.

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.