Illinois Tool Works (NYSE:ITW) Price Target Cut to $229.00 by Analysts at Barclays

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price target cut by Barclays from $230.00 to $229.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an "underweight" rating on the industrial products company's stock. Barclays's price objective indicates a potential downside of 5.39% from the company's previous close.

ITW has been the subject of several other reports. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a "hold" rating in a report on Wednesday, April 17th. Truist Financial lifted their target price on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a "buy" rating in a report on Wednesday. Citigroup lifted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a "neutral" rating in a report on Monday, April 8th. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $257.78.

Illinois Tool Works Stock Performance

ITW traded down $0.23 during trading on Thursday, reaching $242.04. 1,322,252 shares of the company's stock were exchanged, compared to its average volume of 1,261,918. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97. The stock has a market capitalization of $72.31 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 3.46 and a beta of 1.14. The company's fifty day simple moving average is $259.07 and its 200-day simple moving average is $251.66.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $2.33 EPS. As a group, research analysts predict that Illinois Tool Works will post 10.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the sale, the chairman now owns 221,015 shares of the company's stock, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the business's stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the transaction, the chairman now owns 221,015 shares of the company's stock, valued at approximately $56,321,252.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Sharon Szafranski sold 801 shares of the business's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the transaction, the executive vice president now directly owns 5,870 shares in the company, valued at approximately $1,505,185.40. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 in the last 90 days. 0.88% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ITW. Briaud Financial Planning Inc purchased a new stake in Illinois Tool Works in the 3rd quarter valued at about $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $26,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Finally, Security National Bank purchased a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Institutional investors and hedge funds own 79.77% of the company's stock.

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.