Analysts Set Illinois Tool Works Inc. (NYSE:ITW) Target Price at $256.44

Shares of Illinois Tool Works Inc. (NYSE:ITWGet Free Report) have been given an average rating of “Reduce” by the nine analysts that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $256.44.

A number of analysts have recently issued reports on ITW shares. Barclays dropped their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday. Wells Fargo & Company decreased their price objective on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Stifel Nicolaus upped their target price on 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, Citigroup lifted their price target 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.

Read Our Latest Stock Report on ITW

Institutional Investors Weigh In On Illinois Tool Works

Several institutional investors have recently added to or reduced their stakes in ITW. Norges Bank purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $818,408,000. Vanguard Group Inc. raised its position in Illinois Tool Works by 5.0% during 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. Alecta Tjanstepension Omsesidigt lifted its holdings in Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after buying an additional 675,000 shares during the period. Corient Private Wealth LLC increased its stake in shares of Illinois Tool Works by 122.7% during the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after buying an additional 346,919 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after acquiring an additional 313,906 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $235.17 on Friday. The stock’s 50-day simple moving average is $246.54 and its two-hundred day simple moving average is $254.32. Illinois Tool Works has a twelve month low of $217.50 and a twelve month high of $271.15. The firm has a market capitalization of $70.17 billion, a P/E ratio of 23.19, a P/E/G ratio of 3.58 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:ITWGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share 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 analysts’ expectations of $4.03 billion. During the same period in the prior year, the business earned $2.33 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s payout ratio is 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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Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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