Citigroup Lowers Illinois Tool Works (NYSE:ITW) Price Target to $253.00

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price objective lowered by equities researchers at Citigroup from $265.00 to $253.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the industrial products company's stock. Citigroup's price objective indicates a potential upside of 9.68% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft upgraded Illinois Tool Works from a "sell" rating to a "hold" rating and set a $257.00 target price on the stock in a research report on Wednesday, February 19th. StockNews.com lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Stifel Nicolaus reduced their price target on Illinois Tool Works from $259.00 to $227.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Finally, Evercore ISI dropped their price objective on shares of Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating on the stock in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of "Hold" and an average price target of $260.09.

Illinois Tool Works Stock Up 0.4 %

ITW traded up $0.88 during trading on Monday, hitting $230.68. The stock had a trading volume of 889,342 shares, compared to its average volume of 1,003,979. The stock has a 50 day simple moving average of $249.80 and a two-hundred day simple moving average of $257.91. The company has a market capitalization of $67.67 billion, a PE ratio of 19.68, a PEG ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36. Illinois Tool Works has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts predict that Illinois Tool Works will post 10.39 earnings per share for the current year.

Insider Buying and Selling

In other Illinois Tool Works news, CFO Michael M. Larsen sold 41,472 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The stock was sold at an average price of $271.25, for a total value of $11,249,280.00. Following the sale, the chief financial officer now owns 50,502 shares in the company, valued at $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $274.36, for a total value of $13,293,565.08. Following the sale, the chief executive officer now directly owns 55,113 shares of the company's stock, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Illinois Tool Works

Institutional investors have recently made changes to their positions in the stock. Prudent Man Investment Management Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter worth $25,000. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter worth about $26,000. Ameriflex Group Inc. purchased a new position in Illinois Tool Works during the 4th quarter valued at about $26,000. Sugar Maple Asset Management LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in shares of Illinois Tool Works by 336.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock worth $28,000 after purchasing an additional 84 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.