Credit Suisse Group Boosts Illinois Tool Works (NYSE:ITW) Price Target to $229.00

Illinois Tool Works (NYSE:ITWGet Rating) had its price objective raised by Credit Suisse Group from $225.00 to $229.00 in a research note issued to investors on Wednesday, Marketbeat reports. They currently have an outperform rating on the industrial products company’s stock.

Several other research analysts also recently weighed in on ITW. Jefferies Financial Group reduced their target price on Illinois Tool Works from $235.00 to $195.00 in a research note on Friday, July 15th. Robert W. Baird set a $213.00 target price on Illinois Tool Works in a research note on Tuesday. Wells Fargo & Company reduced their target price on Illinois Tool Works from $185.00 to $180.00 in a research note on Tuesday, July 12th. Stifel Nicolaus reduced their price objective on Illinois Tool Works from $206.00 to $163.00 in a research note on Monday, July 18th. Finally, UBS Group downgraded Illinois Tool Works from a buy rating to a neutral rating and reduced their price objective for the company from $243.00 to $185.00 in a research note on Friday, July 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $204.00.

Illinois Tool Works Stock Performance

ITW opened at $210.76 on Wednesday. Illinois Tool Works has a 52-week low of $173.52 and a 52-week high of $249.81. The company has a quick ratio of 1.24, a current ratio of 1.48 and a debt-to-equity ratio of 1.81. The company has a market cap of $65.64 billion, a P/E ratio of 25.00, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. The firm’s 50-day moving average price is $191.92 and its 200-day moving average price is $205.34.

Illinois Tool Works (NYSE:ITWGet Rating) last issued its earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.22 by $0.15. Illinois Tool Works had a return on equity of 75.41% and a net margin of 17.44%. The firm had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.98 billion. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Illinois Tool Works’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Illinois Tool Works will post 9.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $205.34, for a total transaction of $205,340.00. Following the completion of the transaction, the executive vice president now directly owns 7,803 shares in the company, valued at approximately $1,602,268.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.78% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently modified their holdings of the business. Ritter Daniher Financial Advisory LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at about $28,000. Allegheny Financial Group LTD purchased a new position in Illinois Tool Works during the 4th quarter valued at about $29,000. FSB Premier Wealth Management Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $32,000. Intelligent Financial Strategies purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $37,000. Finally, Capital Advisory Group Advisory Services LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at about $31,000. 79.03% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Company Profile

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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.

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