Illinois Tool Works (NYSE:ITW) Lowered to Hold at StockNews.com

StockNews.com cut shares of Illinois Tool Works (NYSE:ITW) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

ITW has been the subject of a number of other research reports. Citigroup raised their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research report on Monday, April 8th. Truist Financial decreased their price target on Illinois Tool Works from $283.00 to $281.00 and set a buy rating on the stock in a research note on Wednesday, July 31st. Barclays cut their price objective on Illinois Tool Works from $217.00 to $215.00 and set an underweight rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an underweight rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating for the company in a report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $250.75.

Illinois Tool Works Stock Up 0.7 %

ITW opened at $243.85 on Thursday. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15. The business has a 50 day moving average price of $240.94 and a two-hundred day moving average price of $251.05. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market cap of $72.76 billion, a PE ratio of 24.05, a P/E/G ratio of 3.80 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.41 earnings per share. As a group, research analysts anticipate that Illinois Tool Works will post 10.25 EPS for the current year.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Illinois Tool Works

Several hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors boosted its stake in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after acquiring an additional 51,654 shares during the last quarter. Norges Bank acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $818,408,000. Fisher Asset Management LLC grew its holdings in shares of Illinois Tool Works by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock worth $773,234,000 after buying an additional 122,840 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Illinois Tool Works by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after buying an additional 26,089 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock valued at $262,232,000 after buying an additional 99,175 shares during the period. Hedge funds and other institutional investors 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.