UBS Group Forecasts Strong Price Appreciation for Illinois Tool Works (NYSE:ITW) Stock

Key Points

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Illinois Tool Works (NYSE:ITW - Get Free Report) had its target price boosted by research analysts at UBS Group from $243.00 to $255.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the industrial products company's stock. UBS Group's price objective would suggest a potential upside of 1.23% from the stock's previous close.

A number of other brokerages have also recently commented on ITW. Evercore ISI decreased their target price on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research report on Monday, May 19th. Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research report on Thursday. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $230.00 to $235.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a research report on Monday, July 21st. Finally, Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $259.08.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded down $4.06 on Thursday, hitting $251.91. 1,236,431 shares of the company traded hands, compared to its average volume of 992,529. The firm's 50-day simple moving average is $251.13 and its 200 day simple moving average is $250.14. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 2.40. The company has a market cap of $73.81 billion, a P/E ratio of 22.08, a P/E/G ratio of 5.68 and a beta of 1.09. Illinois Tool Works has a 12-month low of $214.66 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business's quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $2.54 EPS. Analysts expect that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ITW. Brighton Jones LLC grew its position in Illinois Tool Works by 5.3% during the fourth quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock valued at $1,399,000 after buying an additional 277 shares during the period. Alliancebernstein L.P. lifted its position in Illinois Tool Works by 0.9% during the fourth quarter. Alliancebernstein L.P. now owns 296,191 shares of the industrial products company's stock valued at $75,102,000 after purchasing an additional 2,501 shares during the last quarter. Summit Financial LLC raised its stake in shares of Illinois Tool Works by 5.7% in the fourth quarter. Summit Financial LLC now owns 3,681 shares of the industrial products company's stock valued at $939,000 after acquiring an additional 198 shares during the period. Groupama Asset Managment purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $793,000. Finally, OneAscent Financial Services LLC increased its stake in Illinois Tool Works by 3.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,323 shares of the industrial products company's stock worth $337,000 after buying an additional 47 shares during the period. 79.77% of the stock is owned by hedge funds and other 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.