Illinois Tool Works (NYSE:ITW) Downgraded to Underperform Rating by Evercore ISI

Evercore ISI lowered shares of Illinois Tool Works (NYSE:ITW - Free Report) from an in-line rating to an underperform rating in a research report released on Wednesday, MarketBeat reports. The firm currently has $255.00 price objective on the industrial products company's stock, up from their prior price objective of $246.00.

Several other brokerages have also recently issued reports on ITW. Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Barclays upped their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an "underweight" rating in a research note on Friday, November 1st. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a report on Wednesday, October 16th. Finally, Argus raised Illinois Tool Works to a "strong-buy" rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works has a consensus rating of "Hold" and a consensus price target of $257.30.

Illinois Tool Works Trading Up 0.6 %

Illinois Tool Works stock traded up $1.76 during trading hours on Wednesday, hitting $272.96. The stock had a trading volume of 1,203,867 shares, compared to its average volume of 1,058,585. The business's 50 day simple moving average is $258.46 and its 200-day simple moving average is $248.44. Illinois Tool Works has a one year low of $232.77 and a one year high of $277.58. The stock has a market cap of $80.61 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 4.21 and a beta of 1.10. 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 announced its 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The business's revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.20%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's payout ratio is currently 51.90%.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC grew its position in shares of Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company's stock valued at $847,610,000 after purchasing an additional 322,192 shares during the period. AXA S.A. increased its holdings in shares of Illinois Tool Works by 242.3% during the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company's stock valued at $80,888,000 after purchasing an additional 241,618 shares during the period. Guinness Asset Management LTD boosted its holdings in Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company's stock worth $181,926,000 after buying an additional 180,458 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Illinois Tool Works by 4.2% during the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock valued at $877,234,000 after purchasing an additional 135,023 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company's stock worth $361,998,000 after purchasing an additional 133,853 shares during 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.