Illinois Tool Works (NYSE:ITW) Price Target Cut to $267.00

Illinois Tool Works (NYSE:ITW) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $275.00 to $267.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.36% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered their price target on shares of Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating for the company in a report on Wednesday, July 10th. Barclays lowered their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. Jefferies Financial Group lowered their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Truist Financial lowered their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. Finally, Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $259.00 to $268.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $253.30.

Illinois Tool Works Trading Up 2.0 %

Shares of ITW traded up $4.85 during mid-day trading on Thursday, reaching $244.15. The company’s stock had a trading volume of 121,341 shares, compared to its average volume of 1,162,738. The stock has a market cap of $72.85 billion, a PE ratio of 24.08, a P/E/G ratio of 3.69 and a beta of 1.10. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15. The company’s fifty day moving average price is $241.10 and its two-hundred day moving average price is $251.46.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $2.33 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Illinois Tool Works will post 10.16 earnings per share for the current fiscal year.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

Institutional investors and hedge funds have recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at $26,000. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Security National Bank acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $29,000. 79.77% of the stock is currently owned by institutional investors.

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.