Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Target Price at $256.40

Illinois Tool Works Inc. (NYSE:ITW) has received an average rating of “Hold” from the eleven ratings firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $256.40.

Several equities analysts recently issued reports on ITW shares. Barclays raised their price target on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Robert W. Baird raised their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th.

Illinois Tool Works Stock Down 1.1 %

NYSE ITW opened at $271.20 on Wednesday. The stock’s 50 day simple moving average is $258.03 and its 200 day simple moving average is $248.27. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works has a one year low of $231.21 and a one year high of $277.58. The firm has a market cap of $80.09 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 4.22 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the company posted $2.55 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Illinois Tool Works will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.21%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Institutional Trading of Illinois Tool Works

A number of hedge funds have recently modified their holdings of the stock. Norden Group LLC increased its position in Illinois Tool Works by 30.6% during the 1st quarter. Norden Group LLC now owns 1,738 shares of the industrial products company’s stock worth $466,000 after buying an additional 407 shares during the period. Nordea Investment Management AB boosted its holdings in Illinois Tool Works by 8.5% in the 1st quarter. Nordea Investment Management AB now owns 29,393 shares of the industrial products company’s stock valued at $7,884,000 after purchasing an additional 2,312 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $1,147,000. Avidian Wealth Solutions LLC boosted its stake in shares of Illinois Tool Works by 71.4% in the first quarter. Avidian Wealth Solutions LLC now owns 1,404 shares of the industrial products company’s stock valued at $377,000 after buying an additional 585 shares during the period. Finally, Catalina Capital Group LLC bought a new position in Illinois Tool Works during the 1st quarter worth $260,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

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.