Citigroup Cuts Illinois Tool Works (NYSE:ITW) Price Target to $253.00

Illinois Tool Works (NYSE:ITW) had its price target reduced by Citigroup from $265.00 to $253.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on ITW. Barclays reduced their target price on shares of Illinois Tool Works from $252.00 to $240.00 and set an “equal weight” rating for the company in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a research note on Wednesday, February 19th. Stifel Nicolaus lowered their price target on Illinois Tool Works from $259.00 to $227.00 and set a “hold” rating for the company in a research report on Monday. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $260.09.

Illinois Tool Works Trading Down 0.6 %

Shares of ITW opened at $230.11 on Monday. Illinois Tool Works has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The company’s fifty day moving average is $250.90 and its 200 day moving average is $258.34. The stock has a market capitalization of $67.51 billion, a PE ratio of 19.63, a P/E/G ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Sell-side analysts expect that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 31st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Monday, March 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Insider Activity at Illinois Tool Works

In other news, Director Ernest Scott Santi sold 70,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares of the company’s stock, valued at $68,516,979.20. This represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock valued at $42,973,845 over the last quarter. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

Institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Illinois Tool Works by 84.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 174,983 shares of the industrial products company’s stock worth $43,397,000 after acquiring an additional 79,872 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $2,472,000. Tudor Financial Inc. increased its stake in Illinois Tool Works by 2.8% during the 1st quarter. Tudor Financial Inc. now owns 2,978 shares of the industrial products company’s stock worth $739,000 after buying an additional 80 shares during the period. Marshall Financial Group LLC lifted its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Marshall Financial Group LLC now owns 4,826 shares of the industrial products company’s stock worth $1,197,000 after acquiring an additional 139 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at approximately $642,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.