Truist Financial Forecasts Strong Price Appreciation for Illinois Tool Works (NYSE:ITW) Stock

Illinois Tool Works (NYSE:ITW) had its target price hoisted by Truist Financial from $312.00 to $318.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group increased their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus increased their target price on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $268.50.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $258.82 on Thursday. The stock’s 50 day moving average is $267.77 and its 200 day moving average is $253.62. The company has a market capitalization of $76.43 billion, a P/E ratio of 22.39, a PEG ratio of 4.23 and a beta of 1.10. Illinois Tool Works has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $2.55 earnings per share. On average, equities research analysts predict that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.32%. Illinois Tool Works’s payout ratio is presently 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds have recently modified their holdings of ITW. Franklin Resources Inc. grew its holdings in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares during the period. Wolverine Asset Management LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at approximately $1,179,000. Daiwa Securities Group Inc. increased its holdings in Illinois Tool Works by 11.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after acquiring an additional 3,903 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after acquiring an additional 9,825 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after purchasing an additional 308,935 shares in the last quarter. Institutional investors 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.