Illinois Tool Works (NYSE:ITW) Rating Lowered to "Hold" at Truist Financial

Key Points

• Illinois Tool Works has been downgraded from a "buy" to a "hold" rating by Truist Financial, with a new price objective of $283.00, indicating a potential upside of 12.50% from its previous close.
• Analyst ratings on the stock are mixed, with three ratings as sell, nine hold, one buy, and one strong buy, leading to an average rating of "Hold" with a target price of $255.58.
• The company reported a $2.58 EPS for its last quarter, surpassing expectations and reflecting a revenue increase of 0.6% year-over-year.

Illinois Tool Works (NYSE:ITW - Get Free Report) was downgraded by research analysts at Truist Financial from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They presently have a $283.00 price objective on the industrial products company's stock. Truist Financial's price target suggests a potential upside of 12.50% from the company's previous close.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of Illinois Tool Works from $233.00 to $255.00 and gave the stock a "hold" rating in a research note on Monday, July 21st. Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a report on Wednesday, May 7th. UBS Group dropped their target price on shares of Illinois Tool Works from $269.00 to $234.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Citigroup raised their price objective on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Finally, Barclays raised their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $255.58.

Illinois Tool Works Trading Down 3.1%

NYSE:ITW opened at $251.55 on Thursday. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.60 and a quick ratio of 1.16. The firm has a market capitalization of $73.70 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 5.47 and a beta of 1.09. Illinois Tool Works has a one year low of $214.66 and a one year high of $279.13. The business has a fifty day moving average price of $250.71 and a 200-day moving average price of $250.11.

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 (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the company earned $2.54 EPS. The business's revenue was up .6% compared to the same quarter last year. Sell-side analysts forecast that Illinois Tool Works will post 10.39 EPS for the current year.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the company's stock in a transaction on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the acquisition, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This trade represents a 0.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by company insiders.

Institutional Trading of Illinois Tool Works

A number of hedge funds have recently modified their holdings of the company. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $25,000. Redwood Park Advisors LLC bought a new position in Illinois Tool Works in the fourth quarter valued at about $26,000. Ameriflex Group Inc. bought a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. von Borstel & Associates Inc. bought a new stake in Illinois Tool Works in the first quarter valued at approximately $26,000. Finally, SOA Wealth Advisors LLC. lifted its stake in Illinois Tool Works by 90.9% in the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company's stock valued at $26,000 after buying an additional 50 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.

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