Illinois Tool Works (NYSE:ITW) Price Target Cut to $267.00 by Analysts at JPMorgan Chase & Co.

Illinois Tool Works (NYSE:ITW) had its price objective cut by JPMorgan Chase & Co. from $275.00 to $267.00 in a report issued on Thursday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

ITW has been the subject of a number of other research reports. Citigroup boosted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Truist Financial lowered their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a buy rating for the company in a research note on Tuesday, July 2nd. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $259.00 to $268.00 and gave the stock a hold rating in a research note on Thursday, July 18th. Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating for the company in a research report on Thursday, July 11th. Finally, Barclays reduced their price target on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating for the company in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $253.30.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $243.93 on Thursday. The company has a fifty day simple moving average of $240.98 and a two-hundred day simple moving average of $251.41. The company has a market cap of $72.79 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 3.64 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. 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, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.33 earnings per share. As a group, equities analysts anticipate that Illinois Tool Works will post 10.16 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were paid a dividend of $1.40 per share. The ex-dividend date was Friday, June 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently made changes to their positions in the business. Capital Research Global Investors boosted its stake in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after buying an additional 51,654 shares during the period. Norges Bank acquired a new stake in Illinois Tool Works in the fourth quarter valued at about $818,408,000. Fisher Asset Management LLC lifted its position in Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after purchasing an additional 122,840 shares during the period. Dimensional Fund Advisors LP lifted its position in Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after purchasing an additional 26,089 shares during the period. Finally, Schroder Investment Management Group lifted its position in Illinois Tool Works by 11.0% in the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock valued at $262,232,000 after purchasing an additional 99,175 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

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.