Citigroup Has Lowered Expectations for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW - Free Report) had its target price reduced by Citigroup from $279.00 to $265.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the industrial products company's stock.

ITW has been the subject of several other reports. Barclays reduced their price objective on Illinois Tool Works from $270.00 to $265.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 8th. Jefferies Financial Group boosted their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a report on Friday, December 6th. StockNews.com upgraded Illinois Tool Works from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and raised their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $270.11.

Illinois Tool Works Stock Up 1.8 %

Shares of NYSE ITW traded up $4.51 during mid-day trading on Monday, reaching $249.41. 1,182,633 shares of the company were exchanged, compared to its average volume of 929,733. The stock has a market cap of $73.65 billion, a price-to-earnings ratio of 21.58, a P/E/G ratio of 4.22 and a beta of 1.11. The firm has a 50-day moving average of $265.91 and a 200 day moving average of $255.10. Illinois Tool Works has a 1 year low of $232.77 and a 1 year 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 - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business's revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 earnings per share. On average, research analysts expect that Illinois Tool Works will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.41%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works's payout ratio is currently 51.90%.

Institutional Trading of Illinois Tool Works

Several institutional investors have recently made changes to their positions in ITW. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. True Wealth Design LLC lifted its position in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. lifted its holdings in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock worth $38,000 after buying an additional 115 shares in the last quarter. Hedge funds and other 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.