Illinois Tool Works (NYSE:ITW) Price Target Cut to $240.00

Illinois Tool Works (NYSE:ITW) had its price target decreased by analysts at Jefferies Financial Group from $275.00 to $240.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the industrial products company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 0.09% from the company’s current price.

ITW has been the topic of a number of other research reports. Barclays decreased their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Truist Financial reduced their target price on Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company dropped their price target on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a research note on Wednesday. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $251.20.

Illinois Tool Works Stock Performance

ITW stock traded up $3.88 during midday trading on Thursday, reaching $239.79. 107,661 shares of the company were exchanged, compared to its average volume of 1,169,544. The firm has a market capitalization of $71.55 billion, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 3.45 and a beta of 1.10. The business has a 50-day moving average price of $241.38 and a two-hundred day moving average price of $252.52. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 EPS. Equities research analysts forecast that Illinois Tool Works will post 10.19 EPS for the current year.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tokio Marine Asset Management Co. Ltd. increased its stake in Illinois Tool Works by 1.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after buying an additional 84 shares during the last quarter. Rockline Wealth Management LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $4,180,000. Norden Group LLC lifted its holdings in Illinois Tool Works by 1,889.1% during the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after acquiring an additional 25,144 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after purchasing an additional 12,065 shares during the period. Finally, Wesbanco Bank Inc. increased its position in shares of Illinois Tool Works by 23.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 1,152 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

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.