Illinois Tool Works (NYSE:ITW) Hits New 1-Year High – Here’s Why

Illinois Tool Works Inc. (NYSE:ITW)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $277.94 and last traded at $276.53, with a volume of 212473 shares trading hands. The stock had previously closed at $273.95.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Stifel Nicolaus upped their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Stock Down 0.2 %

The company has a market cap of $81.51 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 4.28 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm has a 50-day moving average price of $263.53 and a 200 day moving average price of $250.39.

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

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

A number of large investors have recently modified their holdings of ITW. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. True Wealth Design LLC lifted its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter valued at $32,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter valued at $35,000. Institutional investors and hedge funds 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.