Illinois Tool Works (NYSE:ITW) Raised to Hold at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Illinois Tool Works (NYSE:ITW) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm currently has $257.00 price target on the industrial products company’s stock.

Several other research analysts have also commented on ITW. Wells Fargo & Company decreased their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Truist Financial lifted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Stifel Nicolaus decreased their price target on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $269.30.

Illinois Tool Works Trading Down 0.5 %

ITW opened at $264.30 on Wednesday. Illinois Tool Works has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a market capitalization of $77.57 billion, a PE ratio of 22.55, a P/E/G ratio of 4.52 and a beta of 1.11. The firm’s fifty day moving average price is $257.08 and its 200 day moving average price is $258.29.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. As a group, research analysts expect that Illinois Tool Works will post 10.41 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.27%. Illinois Tool Works’s payout ratio is currently 51.19%.

Insider Activity

In other news, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the transaction, the director now directly owns 260,224 shares of the company’s stock, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its holdings in Illinois Tool Works by 66.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 23,188 shares of the industrial products company’s stock worth $6,077,000 after purchasing an additional 9,271 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the 3rd quarter valued at $35,000. Foundations Investment Advisors LLC raised its stake in shares of Illinois Tool Works by 7.4% in the 3rd quarter. Foundations Investment Advisors LLC now owns 1,525 shares of the industrial products company’s stock worth $400,000 after buying an additional 105 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Illinois Tool Works by 6.2% in the third quarter. Sequoia Financial Advisors LLC now owns 6,299 shares of the industrial products company’s stock valued at $1,651,000 after buying an additional 367 shares during the period. Finally, Eastern Bank acquired a new stake in shares of Illinois Tool Works in the third quarter valued at $2,132,000. 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.