Illinois Tool Works (NYSE:ITW) Price Target Raised to $312.00

by · The Cerbat Gem

Illinois Tool Works (NYSE:ITW – Free Report) had its price objective raised by Truist Financial from $281.00 to $312.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other research firms have also weighed in on ITW. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an underweight rating in a research note on Monday, October 7th. Argus upgraded Illinois Tool Works to a strong-buy rating in a research note on Wednesday, July 31st. Evercore ISI reduced their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an in-line rating for the company in a research note on Monday, August 19th. StockNews.com upgraded shares of Illinois Tool Works from a hold rating to a buy rating in a report on Friday, September 13th. Finally, Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an underweight rating for the company in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $255.22.

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Illinois Tool Works Stock Performance

NYSE:ITW opened at $260.59 on Wednesday. The stock’s 50-day moving average is $250.13 and its 200-day moving average is $247.77. The stock has a market cap of $77.37 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. Illinois Tool Works has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW – Get Free Report) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The business 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 last year, the firm earned $2.41 earnings per share. Equities research analysts anticipate that Illinois Tool Works will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 58.82%.

Institutional Trading of Illinois Tool Works

Hedge funds have recently made changes to their positions in the company. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC bought a new stake in Illinois Tool Works during the 2nd quarter valued at $30,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the first quarter valued at $34,000. General Partner Inc. bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $35,000. Finally, Rise Advisors LLC purchased a new stake in Illinois Tool Works during the 1st quarter worth about $35,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Company Profile

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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.

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