Illinois Tool Works (NYSE:ITW) PT Raised to $305.00 at Truist Financial

Illinois Tool Works (NYSE:ITW) had its target price lifted by Truist Financial from $303.00 to $305.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research firms have also issued reports on ITW. Bank of America lowered Illinois Tool Works from a neutral rating to an underperform rating and dropped their target price for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Wells Fargo & Company cut shares of Illinois Tool Works from an equal weight rating to an underweight rating and dropped their price objective for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Citigroup raised their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Finally, Barclays raised their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $257.78.

Illinois Tool Works Stock Up 0.8 %

Shares of NYSE ITW opened at $243.92 on Wednesday. The business has a 50-day moving average price of $259.07 and a 200 day moving average price of $251.66. The stock has a market cap of $72.87 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 3.55 and a beta of 1.14. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 52-week low of $217.06 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the firm posted $2.33 EPS. Illinois Tool Works’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts forecast that Illinois Tool Works will post 10.35 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 139,471 shares of company stock valued at $35,970,816 in the last ninety days. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently bought and sold shares of ITW. Vanguard Group Inc. boosted its holdings in shares of Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Northern Trust Corp increased its stake in Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after acquiring an additional 244,145 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Illinois Tool Works by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock worth $1,578,299,000 after purchasing an additional 97,568 shares during the period. Norges Bank purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth about $818,408,000. Finally, Fisher Asset Management LLC increased its position in Illinois Tool Works by 4.3% during the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after purchasing an additional 122,840 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.