Illinois Tool Works (NYSE:ITW)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Friday, AnalystRatingsNetwork reports. They currently have a $82.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 4.45% from the stock’s previous close.
Zacks‘ analyst wrote, “Illinois Tool’s financial results for the third quarter 2013 were mixed. Adjusted earnings per share at $0.99 increased 11% year over year, but failed to meet the Zacks Consensus Estimate by 9.2%. Revenue fell 4%. However, excluding the impact of Decorative Surfaces divestiture, revenue grew by roughly 3%. Results were healthy in Asia Pacific and China while European operations were relatively stable. Roughly 2% revenue growth came from acquired assets while enterprise initiatives contributed 80 basis points improvement in operating margin. For 2013, management has considered divestment of Industrial Packaging business as well as the company’s earnings growth potential and thus at mid points, increased its earnings per share guidance by $0.02 from its Sep 2013 forecast. Besides the results and the outlook, we find the company’s policy of rewarding its shareholders through dividend payments and share repurchases worth mentioning. Considering all these, we maintain a Neutral recommendation on the stock.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Robert W. Baird raised their price target on shares of Illinois Tool Works from $80.00 to $82.00 in a research note to investors on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Morgan Stanley raised their price target on shares of Illinois Tool Works from $71.00 to $74.00 in a research note to investors on Wednesday. They now have an “underweight” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Illinois Tool Works from $85.00 to $90.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $78.40.
Shares of Illinois Tool Works (NYSE:ITW) traded down 0.45% during mid-day trading on Friday, hitting $78.16. The stock had a trading volume of 1,860,651 shares. Illinois Tool Works has a 52-week low of $58.12 and a 52-week high of $75.39. The stock has a 50-day moving average of $72.90 and a 200-day moving average of $68.1. The company has a market cap of $35.006 billion and a P/E ratio of 15.55.
Illinois Tool Works (NYSE:ITW) last released its earnings data on Tuesday, October 22nd. The company reported $0.99 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.94 by $0.05. The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company posted $1.09 earnings per share. Illinois Tool Works’s revenue was down 20.7% compared to the same quarter last year.
Illinois Tool Works Inc (NYSE:ITW), is a multinational manufacturer of a diversified range of industrial products and equipment with operations in 58 countries.
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