Illinois Tool Works (NYSE:ITW) Price Target Cut to $267.00

Illinois Tool Works (NYSE:ITW) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $275.00 to $267.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 9.36% from the stock’s previous close.

A number of other research analysts have also commented on ITW. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Saturday, July 20th. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $259.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Citigroup upped 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. Truist Financial cut their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Finally, Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $253.30.

Illinois Tool Works Stock Up 2.0 %

Shares of Illinois Tool Works stock traded up $4.85 on Thursday, hitting $244.15. 121,341 shares of the company traded hands, compared to its average volume of 1,162,738. The company has a 50-day moving average price of $241.10 and a 200 day moving average price of $251.46. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 12-month low of $217.50 and a 12-month high of $271.15. The company has a market cap of $72.85 billion, a PE ratio of 24.08, a PEG ratio of 3.69 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during 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%. Illinois Tool Works’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.33 earnings per share. Sell-side analysts predict that Illinois Tool Works will post 10.16 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter worth about $26,000. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the 4th quarter worth about $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works in the 4th quarter worth about $28,000. Security National Bank acquired a new stake in Illinois Tool Works in the 4th quarter worth about $28,000. Finally, Rakuten Securities Inc. acquired a new stake in Illinois Tool Works in the 4th quarter worth about $29,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.