Evercore ISI Cuts Illinois Tool Works (NYSE:ITW) Price Target to $249.00

Illinois Tool Works (NYSE:ITW) had its target price trimmed by Evercore ISI from $252.00 to $249.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an underperform rating on the industrial products company’s stock.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. cut their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price for the company in a research note on Wednesday, February 19th. Wells Fargo & Company cut their target price on 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. Truist Financial cut their target price on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Robert W. Baird upped their target price on Illinois Tool Works from $239.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $253.42.

Illinois Tool Works Stock Down 2.1%

Shares of NYSE ITW opened at $244.73 on Monday. Illinois Tool Works has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $71.71 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 4.56 and a beta of 1.12. The business has a 50-day moving average of $241.56 and a 200-day moving average of $255.35.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.34 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. Illinois Tool Works’s revenue was down 3.4% on a year-over-year basis. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 annualized dividend and a yield of 2.45%. Illinois Tool Works’s payout ratio is currently 52.77%.

Insider Buying and Selling at Illinois Tool Works

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares in the company, valued at $15,120,802.68. This represents a 46.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael M. Larsen sold 41,472 shares of the company’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 value of $11,249,280.00. Following the transaction, the chief financial officer now owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This represents a 45.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Prudent Man Investment Management Inc. bought a new position in Illinois Tool Works in the fourth quarter worth $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works in the first quarter worth $26,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth $28,000. 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.