Illinois Tool Works Inc. (NYSE:ITW – Get Free Report)’s share price was down 0% on Tuesday after Barclays lowered their price target on the stock from $229.00 to $217.00. Barclays currently has an underweight rating on the stock. Illinois Tool Works traded as low as $238.82 and last traded at $239.85. Approximately 210,699 shares traded hands during trading, a decline of 82% from the average daily volume of 1,198,209 shares. The stock had previously closed at $239.87.
Other analysts also recently issued research reports about the stock. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Wells Fargo & Company decreased their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Truist Financial increased their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup boosted 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 report on Monday, April 8th. Finally, Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $256.44.
Insider Activity at Illinois Tool Works
In other news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.26% of the company’s stock.
Hedge Funds Weigh In On Illinois Tool Works
Several large investors have recently added to or reduced their stakes in ITW. Tokio Marine Asset Management Co. Ltd. grew its holdings in Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 84 shares during the period. Rockline Wealth Management LLC acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth $4,180,000. Wesbanco Bank Inc. raised its position in shares of Illinois Tool Works by 23.4% in the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock worth $1,401,000 after buying an additional 1,152 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Illinois Tool Works by 6.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after acquiring an additional 12,065 shares during the last quarter. Finally, Ziegler Capital Management LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $224,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.
Illinois Tool Works Price Performance
The company has a 50 day simple moving average of $251.18 and a 200 day simple moving average of $254.50. The company has a market capitalization of $72.02 billion, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 3.60 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.
Illinois Tool Works (NYSE:ITW – Get Free Report) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $2.33 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.25 EPS for the current year.
Illinois Tool Works Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a $1.40 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.32%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.
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.