Truist Financial Raises Illinois Tool Works (NYSE:ITW) Price Target to $312.00

Illinois Tool Works (NYSE:ITW) had its price target upped by Truist Financial from $281.00 to $312.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other brokerages also recently issued reports on ITW. StockNews.com upgraded Illinois Tool Works from a hold rating to a buy rating in a research report on Friday, September 13th. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating on the stock in a research note on Thursday, July 11th. Evercore ISI lowered their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an in-line rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. Finally, Argus raised shares of Illinois Tool Works to a strong-buy rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $255.22.

Illinois Tool Works Price Performance

NYSE:ITW opened at $260.59 on Wednesday. The stock has a market cap of $77.37 billion, a PE ratio of 25.55, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The business’s 50-day simple moving average is $250.13 and its two-hundred day simple moving average is $247.65. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.41 EPS. As a group, analysts forecast that Illinois Tool Works will post 10.18 EPS for the current fiscal 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 issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s payout ratio is presently 58.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Steele Capital Management Inc. grew its holdings in Illinois Tool Works by 4.9% in the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 40 shares during the period. EP Wealth Advisors LLC raised its position in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after buying an additional 42 shares during the last quarter. Procyon Advisors LLC lifted its stake in shares of Illinois Tool Works by 2.7% in the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after buying an additional 43 shares in the last quarter. Proficio Capital Partners LLC boosted its position in Illinois Tool Works by 3.0% during the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after acquiring an additional 44 shares during the last quarter. Finally, Carson Advisory Inc. grew its stake in Illinois Tool Works by 3.0% during the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock valued at $417,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other 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.