Wells Fargo & Company Has Lowered Expectations for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its price objective cut by Wells Fargo & Company from $260.00 to $250.00 in a report issued on Tuesday,Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

Several other analysts have also recently issued reports on ITW. Truist Financial raised their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Citigroup raised their price target on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. Barclays raised shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Finally, Robert W. Baird lifted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $268.50.

Illinois Tool Works Trading Down 0.6 %

NYSE ITW opened at $248.79 on Tuesday. The firm has a market cap of $73.47 billion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 4.22 and a beta of 1.11. Illinois Tool Works has a 1-year low of $232.77 and a 1-year high of $279.13. The stock has a 50-day moving average of $266.87 and a 200-day moving average of $254.95. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The business’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 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.41%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Institutional Trading of Illinois Tool Works

A number of hedge funds have recently bought and sold shares of ITW. Franklin Resources Inc. increased its position in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares during the last quarter. Wolverine Asset Management LLC bought a new position in Illinois Tool Works in the third quarter worth approximately $1,179,000. Daiwa Securities Group Inc. boosted its stake in shares of Illinois Tool Works by 11.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after acquiring an additional 3,903 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after acquiring an additional 9,825 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Illinois Tool Works by 318.9% in the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after purchasing an additional 308,935 shares in the last quarter. Hedge funds and other institutional investors 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.