Royal Bank Of Canada reiterated their hold rating on shares of Illinois Tool Works Inc. (NYSE:ITW) in a research note released on Wednesday morning. The firm currently has a $143.00 price target on the industrial products company’s stock.
Several other research analysts have also weighed in on the stock. BidaskClub lowered shares of Illinois Tool Works from a sell rating to a strong sell rating in a research note on Saturday, August 26th. Robert W. Baird set a $145.00 price objective on shares of Illinois Tool Works and gave the stock a hold rating in a research note on Thursday, August 24th. J P Morgan Chase & Co lowered shares of Illinois Tool Works from a neutral rating to an underweight rating and lowered their price objective for the stock from $141.00 to $132.00 in a research note on Thursday, August 17th. Stifel Nicolaus restated a hold rating and set a $147.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, August 16th. Finally, Zacks Investment Research upgraded shares of Illinois Tool Works from a hold rating to a buy rating and set a $158.00 price objective on the stock in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $150.64.
Shares of Illinois Tool Works (NYSE ITW) opened at 145.64 on Wednesday. The company has a market capitalization of $50.12 billion, a PE ratio of 23.57 and a beta of 1.11. The firm’s 50-day moving average is $139.28 and its 200-day moving average is $139.12. Illinois Tool Works has a 12-month low of $111.50 and a 12-month high of $150.29.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. Illinois Tool Works’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 EPS. On average, equities research analysts anticipate that Illinois Tool Works will post $6.45 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a dividend of $0.78 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.14%. Illinois Tool Works’s payout ratio is presently 42.07%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Illinois Tool Works by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 22,627,699 shares of the industrial products company’s stock valued at $3,241,417,000 after purchasing an additional 500,583 shares during the period. BlackRock Inc. boosted its holdings in Illinois Tool Works by 5.8% in the 2nd quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock valued at $2,927,540,000 after purchasing an additional 1,118,381 shares during the period. Wells Fargo & Company MN boosted its holdings in Illinois Tool Works by 3.6% in the 1st quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock valued at $1,179,646,000 after purchasing an additional 308,538 shares during the period. Bank of New York Mellon Corp boosted its holdings in Illinois Tool Works by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock valued at $603,315,000 after purchasing an additional 67,451 shares during the period. Finally, FMR LLC boosted its holdings in Illinois Tool Works by 13.7% in the 2nd quarter. FMR LLC now owns 3,920,539 shares of the industrial products company’s stock valued at $561,618,000 after purchasing an additional 471,369 shares during the period. 74.86% of the stock is owned by hedge funds and other institutional investors.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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