Barclays Issues Pessimistic Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its target price reduced by Barclays from $260.00 to $252.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

A number of other brokerages have also recently weighed in on ITW. JPMorgan Chase & Co. decreased their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Evercore ISI cut their price target on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company dropped their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Citigroup lowered their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $268.30.

Illinois Tool Works Price Performance

ITW stock opened at $246.34 on Wednesday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. The company has a market capitalization of $72.30 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13. Illinois Tool Works has a 52-week low of $232.77 and a 52-week high of $279.13. The business has a 50-day simple moving average of $258.40 and a two-hundred day simple moving average of $260.64.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Research analysts expect that Illinois Tool Works will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.44%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Insiders Place Their Bets

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the transaction, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares of the company’s stock, valued at approximately $13,698,667.50. This trade represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 159,925 shares of company stock valued at $42,973,845. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Prudent Man Investment Management Inc. acquired a new position in shares of Illinois Tool Works in the fourth quarter worth $25,000. Redwood Park Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the 4th quarter worth approximately $26,000. Sugar Maple Asset Management LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Glass Jacobson Investment Advisors llc increased its position in shares of Illinois Tool Works by 336.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company’s stock valued at $28,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.