Illinois Tool Works (NYSE:ITW) Shares Down 0% Following Analyst Downgrade

Shares of Illinois Tool Works Inc. (NYSE:ITWGet Free Report) fell 0% during mid-day trading 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. 210,699 shares were traded during trading, a decline of 82% from the average session volume of 1,198,209 shares. The stock had previously closed at $239.87.

ITW has been the topic of a number of other reports. Truist Financial raised their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. 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 report on Monday, April 8th. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Wells Fargo & Company lowered their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday, May 1st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $256.44.

Get Our Latest Analysis on Illinois Tool Works

Insiders Place Their Bets

In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.26% of the company’s stock.

Institutional Trading of Illinois Tool Works

Large investors have recently made changes to their positions in the stock. Pathway Financial Advisers LLC purchased a new stake in Illinois Tool Works in the first quarter worth approximately $127,000. Cetera Advisors LLC boosted its position in Illinois Tool Works by 57.3% in the first quarter. Cetera Advisors LLC now owns 14,475 shares of the industrial products company’s stock worth $3,884,000 after purchasing an additional 5,274 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Illinois Tool Works by 284.1% during the 1st quarter. Cetera Investment Advisers now owns 56,343 shares of the industrial products company’s stock valued at $15,118,000 after purchasing an additional 41,676 shares during the last quarter. Second Line Capital LLC purchased a new position in shares of Illinois Tool Works in the first quarter worth approximately $311,000. Finally, Atria Investments Inc grew its position in shares of Illinois Tool Works by 9.4% during the 1st quarter. Atria Investments Inc now owns 16,857 shares of the industrial products company’s stock valued at $4,523,000 after acquiring an additional 1,455 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

The company has a market cap of $71.57 billion, a P/E ratio of 23.65, a P/E/G ratio of 3.60 and a beta of 1.11. The firm’s fifty day moving average is $251.18 and its two-hundred day moving average is $254.50. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITWGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating 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 in the prior year, the firm posted $2.33 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.25 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued 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 2.33%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Illinois Tool Works Company Profile

(Get Free Report)

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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