Stifel Nicolaus Increases Illinois Tool Works (NYSE:ITW) Price Target to $262.00

Illinois Tool Works (NYSE:ITW) had its price objective raised by Stifel Nicolaus from $260.00 to $262.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the industrial products company’s stock.

Several other research analysts have also recently weighed in on ITW. Barclays dropped their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Truist Financial upped their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Price Performance

NYSE ITW opened at $261.03 on Wednesday. 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 twelve month low of $217.50 and a twelve month high of $271.15. The stock has a 50-day simple moving average of $252.37 and a 200 day simple moving average of $247.56. The stock has a market capitalization of $77.89 billion, a PE ratio of 25.74, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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 analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.41 EPS. Research analysts anticipate that Illinois Tool Works will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $1.50 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.30%. The ex-dividend date was Monday, September 30th. Illinois Tool Works’s payout ratio is 59.17%.

Institutional Trading of Illinois Tool Works

A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. Capital Research Global Investors increased its stake in Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after buying an additional 51,654 shares during the last quarter. Legal & General Group Plc boosted its stake in Illinois Tool Works by 2.4% in the 2nd 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 grew 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 valued at $361,998,000 after acquiring an additional 133,853 shares in the last quarter. Guinness Asset Management LTD raised its position in shares of Illinois Tool Works by 4.6% in the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock worth $210,447,000 after buying an additional 35,145 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Illinois Tool Works by 7.3% during the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after acquiring an additional 50,753 shares during the last quarter. 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.