Illinois Tool Works (NYSE:ITW) Given New $229.00 Price Target at Barclays

Illinois Tool Works (NYSE:ITW) had its price target cut by Barclays from $230.00 to $229.00 in a report released on Thursday, Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on ITW. StockNews.com upgraded Illinois Tool Works from a hold rating to a buy rating in a research report on Wednesday. Wells Fargo & Company cut their target price on Illinois Tool Works from $255.00 to $244.00 and set an underweight rating for the company in a research note on Wednesday. Bank of America cut shares of Illinois Tool Works from a neutral rating to an underperform rating and lowered their price target for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Truist Financial raised their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research note on Monday, April 8th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of Hold and a consensus target price of $257.78.

Illinois Tool Works Price Performance

Shares of ITW traded up $1.88 during trading hours on Thursday, hitting $243.92. 929,954 shares of the stock were exchanged, compared to its average volume of 1,218,462. The stock’s 50-day moving average price is $258.75 and its two-hundred day moving average price is $251.73. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32. The company has a market cap of $72.87 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 3.55 and a beta of 1.14. Illinois Tool Works has a 12-month low of $217.06 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 earnings per share. Research analysts expect that Illinois Tool Works will post 10.35 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the sale, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Michael M. Larsen sold 37,167 shares of the firm’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 owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold 139,471 shares of company stock worth $35,970,816 over the last ninety days. Corporate insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. Briaud Financial Planning Inc acquired a new position in shares of Illinois Tool Works during the third quarter worth about $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Finally, Security National Bank purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth $28,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Company Profile

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.