Illinois Tool Works (NYSE:ITW) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Illinois Tool Works (NYSE:ITW) from a buy rating to a hold rating in a research report released on Friday morning.

Other research analysts have also recently issued reports about the company. Barclays lowered their target price on Illinois Tool Works from $229.00 to $217.00 and set an underweight rating on the stock in a report on Tuesday, June 4th. Citigroup boosted their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. Wells Fargo & Company reduced their price target 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. Truist Financial lifted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a buy rating in a research report on Wednesday, May 1st. Finally, Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a research report on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $256.44.

Illinois Tool Works Price Performance

NYSE:ITW opened at $240.40 on Friday. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a market capitalization of $71.74 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 3.57 and a beta of 1.11. The stock’s 50-day moving average price is $244.72 and its 200-day moving average price is $254.14.

Illinois Tool Works (NYSE:ITW) last posted 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. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm posted $2.33 EPS. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts expect that Illinois Tool Works will post 10.22 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was 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 in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Illinois Tool Works

Large investors have recently modified their holdings of the business. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $26,000. Security National Bank acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $28,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $29,000. 79.77% of the stock is currently 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.