Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Target Price at $253.42

Shares of Illinois Tool Works Inc. (NYSE:ITW) have been assigned a consensus rating of “Hold” from the thirteen research firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $253.42.

Several research analysts have recently weighed in on the stock. UBS Group lowered their price target on shares of Illinois Tool Works from $269.00 to $234.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Evercore ISI lowered their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an “underperform” rating on the stock in a research report on Monday, May 19th. Truist Financial lowered their price target on shares of Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Finally, Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and set a $220.00 price target on the stock. in a research report on Wednesday, May 7th.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were bought at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director now directly owns 122,884 shares of the company’s stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

A number of institutional investors and hedge funds have recently bought and sold shares of ITW. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter worth approximately $26,000. Finally, Glass Jacobson Investment Advisors llc increased its stake in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock worth $28,000 after buying an additional 84 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.1%

Shares of ITW opened at $246.00 on Thursday. Illinois Tool Works has a 52-week low of $214.66 and a 52-week high of $279.13. The company has a quick ratio of 1.16, a current ratio of 1.60 and a debt-to-equity ratio of 2.25. The firm’s fifty day moving average is $243.16 and its two-hundred day moving average is $250.48. The stock has a market cap of $72.08 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 5.29 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.44 EPS. Research analysts forecast 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 will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.44%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 52.77%.

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.