Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) Target Price at $250.22

Shares of Illinois Tool Works Inc. (NYSE:ITW) have received an average rating of “Hold” from the ten ratings firms that are covering the company, MarketBeat.com reports. Three 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 12-month price target among brokerages that have issued ratings on the stock in the last year is $250.22.

A number of equities analysts have recently weighed in on the stock. Barclays dropped their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Truist Financial dropped their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st.

Illinois Tool Works Price Performance

NYSE ITW opened at $257.95 on Tuesday. The business’s fifty day moving average is $246.07 and its two-hundred day moving average is $248.32. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. Illinois Tool Works has a 1 year low of $217.50 and a 1 year high of $271.15. The stock has a market capitalization of $76.97 billion, a P/E ratio of 25.44, a P/E/G ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company 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%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.41 earnings per share. On average, research analysts forecast that Illinois Tool Works will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is 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 (DPR) is presently 59.17%.

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors lifted its stake in Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares during the period. Fisher Asset Management LLC lifted its stake in Illinois Tool Works by 4.2% during the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after purchasing an additional 119,921 shares during the period. Legal & General Group Plc lifted its stake in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after purchasing an additional 62,645 shares during the period. Dimensional Fund Advisors LP lifted its stake in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the period. Finally, Schroder Investment Management Group lifted its stake in Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after purchasing an additional 99,175 shares during the period. Institutional investors own 79.77% of the company’s stock.

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.