Illinois Tool Works (NYSE:ITW) Price Target Raised to $243.00

Key Points

• Barclays has raised the price target for Illinois Tool Works from $240.00 to $243.00, indicating a potential downside of 4.72% from the last closing price.
• Other brokerages have also made adjustments, with Robert W. Baird and UBS Group increasing their respective price targets to $244.00 and $255.00, while Bank of America downgraded its rating and set a target of $220.00.
• As of now, Illinois Tool Works has an average rating of "Hold" from analysts, with a current stock trading price of $255.05.

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price target boosted by research analysts at Barclays from $240.00 to $243.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the industrial products company's stock. Barclays's price target would suggest a potential downside of 4.72% from the company's previous close.

A number of other brokerages have also recently issued reports on ITW. Robert W. Baird increased their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. UBS Group lifted their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock a "neutral" rating in a report on Thursday. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research report on Wednesday, May 7th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday. Finally, Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $259.33.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $2.74 during mid-day trading on Monday, reaching $255.05. 181,070 shares of the stock traded hands, compared to its average volume of 1,100,600. The business has a 50-day moving average of $251.13 and a 200 day moving average of $250.08. The stock has a market capitalization of $74.73 billion, a PE ratio of 22.33, a PEG ratio of 5.43 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40. Illinois Tool Works has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm posted $2.54 earnings per share. Illinois Tool Works's revenue was up .6% compared to the same quarter last year. On average, analysts predict that Illinois Tool Works will post 10.39 EPS for the current year.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Illinois Tool Works

Several hedge funds and other institutional investors have recently bought and sold shares of ITW. GAMMA Investing LLC grew its stake in shares of Illinois Tool Works by 26,372.8% in the first quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after purchasing an additional 2,057,872 shares during the last quarter. Auto Owners Insurance Co increased its position in Illinois Tool Works by 55,978.4% during the 1st quarter. Auto Owners Insurance Co now owns 1,430,000 shares of the industrial products company's stock valued at $354,654,000 after buying an additional 1,427,450 shares in the last quarter. Nuveen LLC bought a new position in Illinois Tool Works in the 1st quarter worth about $293,928,000. Cerity Partners LLC increased its position in shares of Illinois Tool Works by 263.9% during the fourth quarter. Cerity Partners LLC now owns 903,710 shares of the industrial products company's stock valued at $229,269,000 after acquiring an additional 655,341 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Illinois Tool Works by 3.9% during the fourth quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after purchasing an additional 508,188 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

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.

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