Illinois Tool Works (NYSE:ITW) Price Target Cut to $243.00 by Analysts at UBS Group

Illinois Tool Works (NYSE:ITWGet Rating) had its price objective decreased by research analysts at UBS Group to $243.00 in a report issued on Wednesday, Stock Target Advisor reports. The brokerage currently has a “na” rating on the industrial products company’s stock. UBS Group’s price objective suggests a potential upside of 18.65% from the company’s previous close.

ITW has been the subject of several other reports. JPMorgan Chase & Co. raised Illinois Tool Works from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $262.00 to $255.00 in a report on Monday, March 28th. Credit Suisse Group lowered their price objective on Illinois Tool Works from $267.00 to $261.00 in a report on Wednesday, May 4th. Stifel Nicolaus lowered their price objective on Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating for the company in a report on Monday, April 18th. StockNews.com assumed coverage on Illinois Tool Works in a report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Illinois Tool Works from $236.00 to $226.00 and set a “hold” rating for the company in a report on Thursday, April 14th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $233.50.

Shares of NYSE:ITW traded down $7.43 during trading on Wednesday, hitting $204.81. The company’s stock had a trading volume of 42,822 shares, compared to its average volume of 1,373,503. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.24 and a current ratio of 1.73. Illinois Tool Works has a fifty-two week low of $195.25 and a fifty-two week high of $249.81. The stock’s 50-day moving average price is $206.42 and its two-hundred day moving average price is $224.08. The company has a market capitalization of $63.79 billion, a PE ratio of 24.07, a PEG ratio of 2.51 and a beta of 1.07.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The industrial products company reported $2.11 EPS for the quarter, topping the consensus estimate of $2.07 by $0.04. Illinois Tool Works had a return on equity of 72.57% and a net margin of 18.08%. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the previous year, the firm posted $2.11 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works will post 9.16 earnings per share for the current fiscal year.

In other Illinois Tool Works news, EVP Lei Zhang Schlitz sold 1,000 shares of the stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total transaction of $205,340.00. Following the transaction, the executive vice president now directly owns 7,803 shares of the company’s stock, valued at $1,602,268.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.78% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Moors & Cabot Inc. lifted its stake in shares of Illinois Tool Works by 0.6% in the third quarter. Moors & Cabot Inc. now owns 6,369 shares of the industrial products company’s stock valued at $1,319,000 after buying an additional 41 shares during the period. Old North State Trust LLC lifted its stake in shares of Illinois Tool Works by 23.3% in the fourth quarter. Old North State Trust LLC now owns 233 shares of the industrial products company’s stock valued at $58,000 after buying an additional 44 shares during the period. Adirondack Trust Co. raised its position in Illinois Tool Works by 4.8% in the third quarter. Adirondack Trust Co. now owns 977 shares of the industrial products company’s stock worth $223,000 after purchasing an additional 45 shares in the last quarter. MV Capital Management Inc. raised its position in Illinois Tool Works by 5.5% in the third quarter. MV Capital Management Inc. now owns 915 shares of the industrial products company’s stock worth $189,000 after purchasing an additional 48 shares in the last quarter. Finally, Advisory Research Inc. raised its position in Illinois Tool Works by 0.7% in the third quarter. Advisory Research Inc. now owns 6,885 shares of the industrial products company’s stock worth $1,423,000 after purchasing an additional 48 shares in the last quarter. Institutional investors own 79.03% of the company’s stock.

Illinois Tool Works Company Profile (Get Rating)

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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