Illinois Tool Works (NYSE:ITW) Price Target Lowered to $281.00 at Truist Financial

Illinois Tool Works (NYSE:ITW) had its target price lowered by Truist Financial from $283.00 to $281.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other analysts have also commented on ITW. JPMorgan Chase & Co. decreased their price objective on Illinois Tool Works from $275.00 to $267.00 and set an overweight rating for the company in a report on Thursday, July 25th. Wells Fargo & Company dropped their target price on Illinois Tool Works from $244.00 to $230.00 and set an underweight rating on the stock in a research report on Wednesday, July 10th. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $259.00 to $268.00 and gave the stock a hold rating in a report on Thursday, July 18th. StockNews.com raised shares of Illinois Tool Works from a hold rating to a buy rating in a report on Saturday, July 20th. Finally, Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $250.75.

Illinois Tool Works Stock Up 0.7 %

Illinois Tool Works stock opened at $243.85 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market capitalization of $72.76 billion, a PE ratio of 24.05, a PEG ratio of 3.80 and a beta of 1.10. The firm’s fifty day moving average is $240.94 and its 200 day moving average is $251.04. Illinois Tool Works has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the business posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Illinois Tool Works will post 10.25 EPS for the current fiscal year.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds and other institutional investors have recently modified their holdings of the stock. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at $26,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $28,000. Security National Bank purchased a new position in Illinois Tool Works during the 4th quarter valued at about $28,000. Finally, Rakuten Securities Inc. bought a new stake in Illinois Tool Works during the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

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.