Illinois Tool Works Inc. (NYSE:ITW) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Illinois Tool Works Inc. (NYSE:ITW) have earned an average recommendation of “Hold” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $250.22.

Several research analysts have recently weighed in on ITW shares. Barclays lowered their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Truist Financial lowered their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Evercore ISI lowered their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company lifted their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds have recently added to or reduced their stakes in the stock. Corient Private Wealth LLC boosted its stake in shares of Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after buying an additional 346,919 shares during the last quarter. Confluence Investment Management LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $65,747,000. AXA S.A. boosted its stake in shares of Illinois Tool Works by 242.3% in the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after buying an additional 241,618 shares during the last quarter. Pinebridge Investments L.P. boosted its stake in shares of Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after buying an additional 207,167 shares during the last quarter. Finally, Guinness Asset Management LTD boosted its stake in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after buying an additional 180,458 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 1.4 %

Shares of ITW opened at $254.32 on Tuesday. The company has a market capitalization of $75.89 billion, a PE ratio of 25.08, a PEG ratio of 3.93 and a beta of 1.10. Illinois Tool Works has a 12 month low of $217.50 and a 12 month high of $271.15. The stock’s 50-day moving average price is $246.24 and its two-hundred day moving average price is $248.22. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

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

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

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.