Illinois Tool Works (NYSE:ITW) Price Target Increased to $262.00 by Analysts at Stifel Nicolaus

Illinois Tool Works (NYSE:ITW) had its price target hoisted by Stifel Nicolaus from $260.00 to $262.00 in a research note issued to investors on Wednesday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the industrial products company’s stock.

A number of other research firms also recently weighed in on ITW. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Evercore ISI dropped their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Stock Performance

NYSE ITW opened at $261.03 on Wednesday. The company has a 50-day simple moving average of $252.37 and a two-hundred day simple moving average of $247.45. Illinois Tool Works has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 4.10 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.41 EPS. On average, equities analysts forecast that Illinois Tool Works will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is 59.17%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. PEAK6 Investments LLC boosted its holdings in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after buying an additional 140 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Illinois Tool Works during the 1st quarter worth $1,147,000. Norden Group LLC grew its position in shares of Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after acquiring an additional 25,144 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after purchasing an additional 16,216 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in Illinois Tool Works by 7.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after purchasing an additional 9,825 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

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.