Illinois Tool Works (NYSE:ITW) Sets New 1-Year High – Here’s What Happened

Shares of Illinois Tool Works Inc. (NYSE:ITW) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $277.94 and last traded at $276.53, with a volume of 212473 shares trading hands. The stock had previously closed at $273.95.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Truist Financial raised their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Performance

The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a 50-day moving average price of $262.20 and a two-hundred day moving average price of $249.84. The firm has a market cap of $81.61 billion, a PE ratio of 23.70, a P/E/G ratio of 4.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted 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. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. Illinois Tool Works’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 earnings per share. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Institutional Trading of Illinois Tool Works

Several large investors have recently added to or reduced their stakes in the stock. PEAK6 Investments LLC increased its position in Illinois Tool Works by 17.5% during the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares during the last quarter. Ascent Group LLC increased its holdings in shares of Illinois Tool Works by 12.4% during the 1st quarter. Ascent Group LLC now owns 3,580 shares of the industrial products company’s stock worth $961,000 after buying an additional 394 shares during the last quarter. Waverly Advisors LLC raised its position in shares of Illinois Tool Works by 484.4% during the 1st quarter. Waverly Advisors LLC now owns 13,009 shares of the industrial products company’s stock valued at $3,491,000 after buying an additional 10,783 shares during the period. Janus Henderson Group PLC lifted its holdings in Illinois Tool Works by 30.2% in the first quarter. Janus Henderson Group PLC now owns 51,969 shares of the industrial products company’s stock valued at $13,945,000 after acquiring an additional 12,051 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in Illinois Tool Works by 10.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 10,930 shares of the industrial products company’s stock worth $2,933,000 after acquiring an additional 1,017 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.