Illinois Tool Works (NYSE:ITW) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Illinois Tool Works (NYSE:ITW) from a hold rating to a buy rating in a research note published on Thursday.

Several other research analysts have also weighed in on the stock. Barclays lowered their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating on the stock in a research note on Tuesday, June 4th. Stifel Nicolaus upped their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Truist Financial reduced their target price on Illinois Tool Works from $305.00 to $283.00 and set a buy rating for the company in a research note on Tuesday, July 2nd. Wells Fargo & Company decreased their target price on Illinois Tool Works from $244.00 to $230.00 and set an underweight rating on the stock in a report on Wednesday. Finally, Citigroup raised their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a report on Monday, April 8th. Four analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $251.20.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $240.24 on Thursday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The stock has a 50 day moving average price of $241.35 and a 200 day moving average price of $252.44. The stock has a market capitalization of $71.69 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.33 EPS. Analysts predict that Illinois Tool Works will post 10.19 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio is 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

Several large investors have recently modified their holdings of ITW. BDF Gestion bought a new stake in Illinois Tool Works during the second quarter worth $1,727,000. Guinness Atkinson Asset Management Inc lifted its position in shares of Illinois Tool Works by 12.4% during the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 3,755 shares of the industrial products company’s stock worth $890,000 after buying an additional 413 shares during the last quarter. Guinness Asset Management LTD boosted its stake in Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after buying an additional 180,458 shares in the last quarter. Simplicity Wealth LLC grew its position in Illinois Tool Works by 2.7% in the second quarter. Simplicity Wealth LLC now owns 10,725 shares of the industrial products company’s stock valued at $2,541,000 after acquiring an additional 279 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its stake in Illinois Tool Works by 6.7% during the second quarter. Valeo Financial Advisors LLC now owns 3,605 shares of the industrial products company’s stock worth $854,000 after acquiring an additional 225 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

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.