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

Illinois Tool Works Inc. (NYSE:ITW) shares 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 changing hands. The stock had previously closed at $273.95.

Analyst Ratings Changes

ITW has been the subject of a number of recent analyst reports. 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 report on Wednesday, July 31st. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Stifel Nicolaus upped their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays increased their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Trading Up 0.9 %

The company’s fifty day moving average is $262.20 and its two-hundred day moving average is $249.84. 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 stock has a market cap of $81.61 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 4.25 and a beta of 1.10.

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

Illinois Tool Works Announces Dividend

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ITW. True Wealth Design LLC lifted its position in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the 3rd quarter worth approximately $32,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the third quarter valued at approximately $35,000. Institutional investors and hedge funds 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.