Illinois Tool Works (NYSE:ITW) Price Target Cut to $229.00 by Analysts at Barclays

Illinois Tool Works (NYSE:ITW) had its price objective cut by equities research analysts at Barclays from $230.00 to $229.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s price objective indicates a potential downside of 5.49% from the stock’s previous close.

A number of other analysts have also commented on the company. Wells Fargo & Company dropped their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating for the company in a research note on Wednesday. Citigroup raised their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday. Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Truist Financial upped their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $257.78.

Illinois Tool Works Trading Up 0.0 %

Shares of Illinois Tool Works stock traded up $0.03 on Thursday, hitting $242.30. The stock had a trading volume of 655,317 shares, compared to its average volume of 1,253,531. The stock has a market cap of $72.38 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 3.46 and a beta of 1.14. Illinois Tool Works has a one year low of $217.06 and a one year high of $271.15. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock’s 50-day simple moving average is $259.40 and its two-hundred day simple moving average is $251.72.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $2.33 earnings per share. As a group, sell-side analysts predict that Illinois Tool Works will post 10.5 EPS for the current year.

Insider Activity at Illinois Tool Works

In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Illinois Tool Works

A number of institutional investors and hedge funds have recently made changes to their positions in ITW. Norges Bank purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $818,408,000. Vanguard Group Inc. raised its stake in Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock worth $6,035,292,000 after acquiring an additional 1,238,239 shares during the period. Alecta Tjanstepension Omsesidigt lifted its holdings in Illinois Tool Works by 150.0% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after purchasing an additional 346,919 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Illinois Tool Works by 23,183.6% in the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after purchasing an additional 313,906 shares in 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.