Stifel Nicolaus Raises Illinois Tool Works (NYSE:ITW) Price Target to $259.00

Illinois Tool Works (NYSE:ITW) had its price objective lifted by Stifel Nicolaus from $258.00 to $259.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on ITW. Barclays lifted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a report on Tuesday, April 2nd. Truist Financial assumed coverage on Illinois Tool Works in a research report on Thursday, March 14th. They set a buy rating and a $301.00 price target for the company. Bank of America downgraded Illinois Tool Works from a neutral rating to an underperform rating and cut their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Wells Fargo & Company downgraded shares of Illinois Tool Works from an equal weight rating to an underweight rating and dropped their target price for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of Hold and an average price target of $257.00.

Illinois Tool Works Price Performance

NYSE:ITW opened at $250.46 on Wednesday. Illinois Tool Works has a 12-month low of $217.06 and a 12-month high of $271.15. The firm has a market cap of $74.82 billion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 3.66 and a beta of 1.13. The company’s 50-day moving average is $260.53 and its two-hundred day moving average is $250.79. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $2.34 EPS. Illinois Tool Works’s revenue was up .3% on a year-over-year basis. Research analysts expect that Illinois Tool Works will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.24%. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insider Transactions at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the transaction, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock valued at $48,712,316. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Institutional investors have recently made changes to their positions in the stock. Briaud Financial Planning Inc bought a new position in Illinois Tool Works during the 3rd quarter worth $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at $26,000. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Aspect Partners LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth about $26,000. Finally, Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the 4th quarter valued at about $28,000. 79.77% of the stock is owned by institutional investors.

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.