Illinois Tool Works (NYSE:ITW) Price Target Cut to $244.00 by Analysts at Wells Fargo & Company

Illinois Tool Works (NYSE:ITW) had its price objective lowered by Wells Fargo & Company from $255.00 to $244.00 in a research report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the industrial products company’s stock.

Other equities research analysts have also issued research reports about the stock. Truist Financial upped their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a buy rating in a report on Wednesday. Barclays upped their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research note on Tuesday, April 2nd. Bank of America lowered shares of Illinois Tool Works from a neutral rating to an underperform rating and decreased their target price for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Citigroup upped their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of Hold and an average price target of $257.78.

Illinois Tool Works Stock Up 0.8 %

ITW stock opened at $243.92 on Wednesday. The stock has a market capitalization of $72.87 billion, a P/E ratio of 24.06, a P/E/G ratio of 3.55 and a beta of 1.14. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15. The firm has a 50-day simple moving average of $258.75 and a 200-day simple moving average of $251.73. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.33 earnings per share. Equities analysts forecast that Illinois Tool Works will post 10.35 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.30%. Illinois Tool Works’s payout ratio is 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders sold a total of 139,471 shares of company stock valued at $35,970,816 over the last quarter. 0.88% of the stock is owned by insiders.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors have recently bought and sold shares of ITW. Cornerstone Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 2.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 41 shares during the last quarter. Summit Financial LLC raised its position in shares of Illinois Tool Works by 1.6% in the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company’s stock worth $685,000 after buying an additional 41 shares during the period. Hanson & Doremus Investment Management boosted its holdings in Illinois Tool Works by 4.6% in the first quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 42 shares during the last quarter. Catalyst Financial Partners LLC grew its position in Illinois Tool Works by 2.5% during the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock valued at $463,000 after acquiring an additional 43 shares during the period. Finally, First Pacific Financial increased its stake in Illinois Tool Works by 1.3% during the first quarter. First Pacific Financial now owns 3,334 shares of the industrial products company’s stock worth $895,000 after acquiring an additional 44 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

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.