Citigroup Inc. reaffirmed their buy rating on shares of Illinois Tool Works Inc. (NYSE:ITW) in a research report released on Monday morning. Citigroup Inc. currently has a $171.00 target price on the industrial products company’s stock, up from their prior target price of $162.00.
ITW has been the subject of several other reports. Zacks Investment Research raised shares of Illinois Tool Works from a hold rating to a buy rating and set a $163.00 price objective for the company in a research note on Wednesday, July 12th. Credit Suisse Group set a $141.00 price objective on shares of Illinois Tool Works and gave the company a hold rating in a research note on Tuesday, July 25th. BidaskClub downgraded shares of Illinois Tool Works from a strong-buy rating to a buy rating in a research note on Saturday, June 24th. Jefferies Group LLC reaffirmed a buy rating and set a $170.00 price objective (up from $155.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. Finally, J P Morgan Chase & Co downgraded shares of Illinois Tool Works from a neutral rating to an underweight rating and lowered their price objective for the company from $141.00 to $132.00 in a research note on Thursday, August 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $152.71.
Illinois Tool Works (NYSE ITW) opened at 153.23 on Monday. The company has a market capitalization of $52.73 billion, a price-to-earnings ratio of 24.79 and a beta of 1.12. Illinois Tool Works has a 52-week low of $111.50 and a 52-week high of $153.35. The stock has a 50 day moving average price of $144.67 and a 200 day moving average price of $141.19.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.46 earnings per share. Equities research analysts forecast that Illinois Tool Works will post $6.47 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were paid a dividend of $0.78 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.04%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 50.49%.
In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $150.00, for a total transaction of $979,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Curbstone Financial Management Corp increased its stake in shares of Illinois Tool Works by 96.3% during the third quarter. Curbstone Financial Management Corp now owns 7,970 shares of the industrial products company’s stock valued at $1,179,000 after purchasing an additional 3,910 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $6,738,000. Perigon Wealth Management LLC increased its stake in shares of Illinois Tool Works by 225.5% during the second quarter. Perigon Wealth Management LLC now owns 9,879 shares of the industrial products company’s stock valued at $1,422,000 after purchasing an additional 6,844 shares in the last quarter. Intl Fcstone Inc. bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $1,576,000. Finally, Griffin Asset Management Inc. bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $6,047,000. 74.79% of the stock is owned by institutional investors and hedge funds.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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