Illinois Tool Works (NYSE:ITW) Reaches New 52-Week High at $262.52

Posted by Defense World Staff on Aug 2nd, 2023

Illinois Tool Works Inc. (NYSE:ITW – Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $262.52 and last traded at $262.10, with a volume of 208075 shares trading hands. The stock had previously closed at $260.01.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. Wells Fargo & Company lifted their price target on Illinois Tool Works from $235.00 to $240.00 in a research report on Monday, July 10th. 3M reaffirmed a “maintains” rating on shares of Illinois Tool Works in a report on Wednesday, May 3rd. Stifel Nicolaus upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company a “hold” rating in a research report on Wednesday, July 19th. Barclays upped their price objective on Illinois Tool Works from $203.00 to $210.00 in a research report on Monday, July 10th. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $234.92.

Illinois Tool Works Trading Down 4.4 %

The company has a current ratio of 1.20, a quick ratio of 0.84 and a debt-to-equity ratio of 1.78. The stock has a 50-day simple moving average of $243.84 and a two-hundred day simple moving average of $237.15. The firm has a market capitalization of $76.54 billion, a P/E ratio of 25.19, a price-to-earnings-growth ratio of 3.97 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW – Get Free Report) last issued its earnings results on Tuesday, May 2nd. The industrial products company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.10. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.98 billion. Illinois Tool Works had a return on equity of 92.13% and a net margin of 19.27%. Illinois Tool Works’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.11 EPS. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 9.64 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 13th. Stockholders of record on Friday, June 30th were given a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Thursday, June 29th. Illinois Tool Works’s payout ratio is 52.40%.

Insider Buying and Selling

In related news, CAO Randall J. Scheuneman sold 5,425 shares of the business’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $239.23, for a total transaction of $1,297,822.75. Following the transaction, the chief accounting officer now directly owns 8,870 shares in the company, valued at approximately $2,121,970.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Illinois Tool Works

A number of large investors have recently bought and sold shares of the business. Creative Capital Management Investments LLC raised its holdings in shares of Illinois Tool Works by 145.2% during the first quarter. Creative Capital Management Investments LLC now owns 103 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 61 shares during the last quarter. GoalVest Advisory LLC purchased a new stake in shares of Illinois Tool Works in the second quarter valued at approximately $25,000. Sturgeon Ventures LLP purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $26,000. Miller Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works in the second quarter valued at approximately $31,000. Finally, Red Tortoise LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 79.37% of the company’s stock.

About Illinois Tool Works

(Get Free Report)

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.