Wells Fargo & Company Issues Positive Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Key Points

• Wells Fargo & Company raised its price target for Illinois Tool Works from $235.00 to $250.00, while maintaining an "underweight" rating, indicating a potential downside of 2.21% from the current price.
• Other analysts like Robert W. Baird and Barclays have also increased their price targets for ITW, reflecting a range of ratings from "neutral" to "equal weight."
• Illinois Tool Works reported $2.58 earnings per share (EPS) for the last quarter, surpassing estimates, with a revenue of $4.05 billion, marking a 0.6% year-over-year increase.

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price target hoisted by investment analysts at Wells Fargo & Company from $235.00 to $250.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the industrial products company's stock. Wells Fargo & Company's price target would indicate a potential downside of 2.21% from the company's current price.

Other analysts also recently issued research reports about the stock. Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Barclays boosted their price objective on shares of Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Citigroup boosted 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. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, Truist Financial downgraded shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a research report on Thursday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $259.08.

Illinois Tool Works Stock Up 0.8%

Shares of ITW stock traded up $1.98 during trading on Thursday, reaching $255.65. The company's stock had a trading volume of 646,198 shares, compared to its average volume of 1,098,531. Illinois Tool Works has a 1-year low of $214.66 and a 1-year high of $279.13. The stock's 50-day moving average price is $250.71 and its 200 day moving average price is $250.11. 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 company has a market capitalization of $74.91 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 5.47 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.02. The business had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a net margin of 21.37% and a return on equity of 92.77%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $2.54 EPS. On average, research analysts anticipate that Illinois Tool Works will post 10.39 EPS for the current year.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average cost of $241.16 per share, for a total transaction of $210,291.52. Following the transaction, the director directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Illinois Tool Works

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank & Trust Co boosted its position in shares of Illinois Tool Works by 0.4% in the 2nd quarter. Bank & Trust Co now owns 10,215 shares of the industrial products company's stock worth $2,526,000 after buying an additional 39 shares in the last quarter. F M Investments LLC lifted its holdings in Illinois Tool Works by 4.9% in the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 42 shares in the last quarter. Trust Co of the South lifted its holdings in Illinois Tool Works by 2.9% in the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 42 shares in the last quarter. TFG Advisers LLC lifted its holdings in Illinois Tool Works by 0.5% in the 2nd quarter. TFG Advisers LLC now owns 8,461 shares of the industrial products company's stock valued at $2,092,000 after purchasing an additional 42 shares in the last quarter. Finally, Freedom Investment Management Inc. lifted its holdings in Illinois Tool Works by 3.0% in the 2nd quarter. Freedom Investment Management Inc. now owns 1,443 shares of the industrial products company's stock valued at $357,000 after purchasing an additional 42 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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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