Illinois Tool Works (NYSE:ITW) Price Target Raised to $259.00

Illinois Tool Works (NYSE:ITW) had its price objective boosted by equities research analysts at Stifel Nicolaus from $258.00 to $259.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 4.09% from the company’s current price.

A number of other analysts have also recently issued reports on ITW. Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Barclays lifted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a research report on Tuesday, April 2nd. Truist Financial assumed coverage on Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price objective for the company. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Finally, Citigroup boosted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $257.00.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $248.83 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The stock has a market capitalization of $74.34 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.69 and a beta of 1.13. The stock’s fifty day simple moving average is $260.64 and its 200 day simple moving average is $250.65. Illinois Tool Works has a 52-week low of $217.06 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The business had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.34 earnings per share. As a group, sell-side analysts forecast that Illinois Tool Works will post 10.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Randall J. Scheuneman sold 5,827 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the transaction, the chief accounting officer now owns 8,870 shares in the company, valued at $2,273,292.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock valued at $48,712,316. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Briaud Financial Planning Inc bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Aspect Partners LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $26,000. Finally, Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $28,000. 79.77% of the stock is currently owned by institutional investors.

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.