Robert W. Baird Raises Illinois Tool Works (NYSE:ITW) Price Target to $250.00

Illinois Tool Works (NYSE:ITW) had its price target hoisted by Robert W. Baird from $240.00 to $250.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Several other equities research analysts also recently commented on the stock. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. raised their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Stifel Nicolaus upped their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $256.40.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $263.08 on Thursday. The stock’s fifty day simple moving average is $255.59 and its 200 day simple moving average is $247.41. The stock has a market capitalization of $77.69 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 3.97 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. Illinois Tool Works has a 52-week low of $225.88 and a 52-week high of $271.15.

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 for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that Illinois Tool Works will post 10.63 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.28%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is presently 51.90%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Capital Research Global Investors lifted its stake in shares of 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 purchasing an additional 51,654 shares during the last quarter. Legal & General Group Plc raised its holdings in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the last quarter. Guinness Asset Management LTD increased its holdings in shares of Illinois Tool Works by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after acquiring an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings 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 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.