Barclays Cuts Illinois Tool Works (NYSE:ITW) Price Target to $265.00

Illinois Tool Works (NYSE:ITW) had its price target decreased by Barclays from $270.00 to $265.00 in a report published on Wednesday,Benzinga reports. Barclays currently has an equal weight rating on the industrial products company’s stock.

Several other analysts have also recently issued reports on ITW. Stifel Nicolaus upped their price objective on Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Robert W. Baird increased their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, Jefferies Financial Group lifted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $271.67.

Illinois Tool Works Price Performance

ITW opened at $245.01 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a fifty day simple moving average of $265.91 and a two-hundred day simple moving average of $254.87. Illinois Tool Works has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a market cap of $72.35 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The firm’s revenue was down 1.6% on a year-over-year basis. Research analysts predict that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strategic Financial Concepts LLC bought a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $44,000. PFG Investments LLC grew its holdings in shares of Illinois Tool Works by 2.1% during the second quarter. PFG Investments LLC now owns 3,948 shares of the industrial products company’s stock valued at $935,000 after buying an additional 80 shares in the last quarter. LGT Fund Management Co Ltd. purchased a new stake in Illinois Tool Works in the 2nd quarter worth approximately $948,000. Daiwa Securities Group Inc. lifted its holdings in shares of Illinois Tool Works by 9.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 33,035 shares of the industrial products company’s stock valued at $7,828,000 after buying an additional 2,909 shares during the last quarter. Finally, Angeles Wealth Management LLC boosted its holdings in Illinois Tool Works by 61.9% in the second quarter. Angeles Wealth Management LLC now owns 1,370 shares of the industrial products company’s stock worth $325,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.