Illinois Tool Works Inc. (NYSE:ITW) Given Consensus Recommendation of “Reduce” by Brokerages

Illinois Tool Works Inc. (NYSE:ITW) has earned a consensus recommendation of “Reduce” from the nine analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $254.00.

Several research firms have commented on ITW. Truist Financial lowered their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday. Barclays lowered their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday. Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Finally, Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $235.86 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 1 year low of $217.50 and a 1 year high of $271.15. The business has a fifty day simple moving average of $242.88 and a 200 day simple moving average of $253.50. The firm has a market cap of $70.38 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 3.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $2.33 earnings per share. As a group, sell-side analysts predict that Illinois Tool Works will post 10.26 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC lifted its stake in Illinois Tool Works by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 41 shares during the period. Summit Financial LLC lifted its stake in Illinois Tool Works by 1.6% during the fourth quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after purchasing an additional 41 shares during the period. Hanson & Doremus Investment Management lifted its stake in Illinois Tool Works by 4.6% during the first quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company’s stock worth $257,000 after purchasing an additional 42 shares during the period. EP Wealth Advisors LLC lifted its stake in Illinois Tool Works by 1.0% during the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 42 shares during the period. Finally, Catalyst Financial Partners LLC lifted its stake in Illinois Tool Works by 2.5% during the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after purchasing an additional 43 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

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.