Illinois Tool Works (NYSE:ITW) Shares Gap Up to $248.02

Illinois Tool Works Inc. (NYSE:ITW) shares gapped up before the market opened on Tuesday . The stock had previously closed at $248.02, but opened at $255.44. Illinois Tool Works shares last traded at $250.20, with a volume of 372,747 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on ITW shares. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Saturday, July 20th. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $259.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Truist Financial decreased their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a report on Tuesday, July 2nd. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Finally, Barclays lowered their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $253.30.

Illinois Tool Works Trading Down 1.1 %

The stock has a market cap of $73.23 billion, a P/E ratio of 24.46, a price-to-earnings-growth ratio of 3.77 and a beta of 1.10. The stock’s 50-day moving average is $240.87 and its two-hundred day moving average is $251.25. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the firm earned $2.33 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.14 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Friday, June 28th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

Hedge funds have recently made changes to their positions in the business. iA Global Asset Management Inc. raised its position in Illinois Tool Works by 93.0% during the second quarter. iA Global Asset Management Inc. now owns 14,670 shares of the industrial products company’s stock valued at $3,476,000 after purchasing an additional 7,067 shares during the period. Arjuna Capital increased its position in shares of Illinois Tool Works by 1.5% during the 2nd quarter. Arjuna Capital now owns 5,221 shares of the industrial products company’s stock valued at $1,237,000 after purchasing an additional 77 shares during the last quarter. F M Investments LLC bought a new stake in Illinois Tool Works in the second quarter worth $202,000. Coerente Capital Management boosted its stake in Illinois Tool Works by 2.5% during the second quarter. Coerente Capital Management now owns 99,996 shares of the industrial products company’s stock worth $23,695,000 after buying an additional 2,439 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Illinois Tool Works by 12.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 119,646 shares of the industrial products company’s stock valued at $28,351,000 after acquiring an additional 13,328 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.