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

Illinois Tool Works Inc. (NYSE:ITW)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $275.95 and last traded at $275.58, with a volume of 41082 shares trading hands. The stock had previously closed at $266.43.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI decreased their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Jefferies Financial Group reduced their price target on 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, StockNews.com upgraded 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $256.40.

Illinois Tool Works Stock Performance

The firm has a market cap of $80.31 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 3.85 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock’s 50 day moving average is $257.60 and its 200 day moving average is $248.13.

Illinois Tool Works (NYSE:ITW) last announced its 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the company earned $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.75 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. Illinois Tool Works’s payout ratio is 51.90%.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norden Group LLC boosted its position in shares of Illinois Tool Works by 30.6% during the 1st quarter. Norden Group LLC now owns 1,738 shares of the industrial products company’s stock valued at $466,000 after purchasing an additional 407 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Illinois Tool Works by 78.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after acquiring an additional 16,216 shares during the period. Quantbot Technologies LP grew its holdings in Illinois Tool Works by 181.1% in the first quarter. Quantbot Technologies LP now owns 9,190 shares of the industrial products company’s stock worth $2,466,000 after purchasing an additional 5,921 shares during the period. Empowered Funds LLC increased its stake in Illinois Tool Works by 212.9% in the first quarter. Empowered Funds LLC now owns 13,314 shares of the industrial products company’s stock valued at $3,573,000 after purchasing an additional 9,059 shares in the last quarter. Finally, PFG Advisors raised its holdings in shares of Illinois Tool Works by 1.1% during the first quarter. PFG Advisors now owns 6,725 shares of the industrial products company’s stock valued at $1,804,000 after purchasing an additional 70 shares during the period. 79.77% of the stock is owned by 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.