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

Illinois Tool Works (NYSE:ITW) had its price objective decreased by Citigroup from $279.00 to $265.00 in a research note published on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

ITW has been the subject of several other reports. Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research note on Tuesday, January 7th. Barclays cut their price target on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Stifel Nicolaus increased their target price on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $270.11.

Illinois Tool Works Stock Up 0.4 %

Shares of Illinois Tool Works stock opened at $253.99 on Monday. Illinois Tool Works has a 1 year low of $232.77 and a 1 year high of $279.13. 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 company has a 50-day moving average of $265.34 and a 200 day moving average of $255.30. The firm has a market cap of $75.00 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $2.55 earnings per share. As a group, sell-side analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

A number of large investors have recently made changes to their positions in the company. Nikulski Financial Inc. boosted its holdings in shares of Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after buying an additional 39 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. boosted its stake in shares of Illinois Tool Works by 2.5% during the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock worth $423,000 after acquiring an additional 40 shares during the last quarter. Sigma Planning Corp grew its position in shares of Illinois Tool Works by 0.9% during the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after acquiring an additional 41 shares during the period. Harbour Investments Inc. increased its stake in shares of Illinois Tool Works by 1.1% in the 3rd quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 41 shares in the last quarter. Finally, Procyon Advisors LLC raised its holdings in Illinois Tool Works by 2.7% in the 3rd quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after purchasing an additional 43 shares during the period. 79.77% of the stock is currently owned by institutional investors.

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.