Illinois Tool Works (NYSE:ITW) Trading Down 0% Following Analyst Downgrade

Illinois Tool Works Inc. (NYSE:ITWGet Free Report)’s share price traded down 0% during trading on Tuesday after Barclays lowered their price target on the stock from $229.00 to $217.00. Barclays currently has an underweight rating on the stock. Illinois Tool Works traded as low as $238.82 and last traded at $239.85. 210,699 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 1,198,209 shares. The stock had previously closed at $239.87.

Other equities analysts have also issued reports about the stock. Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 1st. Finally, Truist Financial raised their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $256.44.

View Our Latest Report on Illinois Tool Works

Insiders Place Their Bets

In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Illinois Tool Works

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $818,408,000. Vanguard Group Inc. grew its position in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after buying an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its position in shares of Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after buying an additional 675,000 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Illinois Tool Works by 23,183.6% in the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after purchasing an additional 313,906 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

The stock has a fifty day moving average of $250.68 and a 200-day moving average of $254.50. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a market capitalization of $71.82 billion, a price-to-earnings ratio of 23.73, a P/E/G ratio of 3.60 and a beta of 1.11.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 earnings per share. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s payout ratio is currently 55.23%.

About Illinois Tool Works

(Get Free Report)

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.

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