Barclays Cuts Illinois Tool Works (NYSE:ITW) Price Target to $215.00

Illinois Tool Works (NYSE:ITW) had its price target lowered by Barclays from $217.00 to $215.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an underweight rating on the industrial products company’s stock.

Several other research firms have also issued reports on ITW. Stifel Nicolaus lowered their price objective on Illinois Tool Works from $268.00 to $260.00 and set a hold rating for the company in a research note on Wednesday. Citigroup raised their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. JPMorgan Chase & Co. raised their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an overweight rating in a research note on Wednesday. StockNews.com raised Illinois Tool Works from a hold rating to a buy rating in a research note on Saturday, July 20th. Finally, Wells Fargo & Company raised their price target on Illinois Tool Works from $230.00 to $236.00 and gave the stock an underweight rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $248.67.

Illinois Tool Works Price Performance

NYSE:ITW opened at $243.86 on Wednesday. The firm has a market capitalization of $72.77 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 3.80 and a beta of 1.10. Illinois Tool Works has a 1 year low of $217.50 and a 1 year high of $271.15. The business has a 50 day simple moving average of $240.94 and a 200-day simple moving average of $251.06. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the company earned $2.41 EPS. Equities analysts forecast that Illinois Tool Works will post 10.25 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at $29,000. 79.77% of the stock is currently 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.