Illinois Tool Works Inc. (NYSE:ITW) Receives Consensus Rating of “Reduce” from Analysts

Illinois Tool Works Inc. (NYSE:ITW) has been assigned a consensus rating of “Reduce” from the nine brokerages that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $254.00.

A number of research analysts have weighed in on the stock. Barclays dropped 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 note on Tuesday, June 4th. Stifel Nicolaus boosted their target price on shares of 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 dropped their price target on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. Wells Fargo & Company dropped 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 note on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Monday, July 1st.

Illinois Tool Works Trading Up 0.3 %

NYSE:ITW opened at $233.91 on Thursday. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The firm has a 50-day moving average of $241.71 and a 200-day moving average of $252.84. The company has a market cap of $69.80 billion, a PE ratio of 23.07, a PEG ratio of 3.43 and a beta of 1.10. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm posted $2.33 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts expect that Illinois Tool Works will post 10.19 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. Shareholders of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ITW. Legacy Advisors LLC grew its stake in shares of Illinois Tool Works by 5.8% in the third quarter. Legacy Advisors LLC now owns 945 shares of the industrial products company’s stock worth $219,000 after acquiring an additional 52 shares during the period. Scotia Capital Inc. grew its position in Illinois Tool Works by 155.8% during the third quarter. Scotia Capital Inc. now owns 8,491 shares of the industrial products company’s stock valued at $1,956,000 after buying an additional 5,171 shares during the period. Rainsberger Wealth Advisors Inc. bought a new stake in Illinois Tool Works during the third quarter valued at approximately $270,000. Royal London Asset Management Ltd. grew its position in Illinois Tool Works by 2.4% during the third quarter. Royal London Asset Management Ltd. now owns 154,242 shares of the industrial products company’s stock valued at $35,524,000 after buying an additional 3,553 shares during the period. Finally, Crestwood Advisors Group LLC grew its position in Illinois Tool Works by 5.6% during the third quarter. Crestwood Advisors Group LLC now owns 3,589 shares of the industrial products company’s stock valued at $827,000 after buying an additional 189 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

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.