Illinois Tool Works (NYSE:ITW) PT Raised to $259.00

Illinois Tool Works (NYSE:ITW) had its price objective raised by investment analysts at Stifel Nicolaus from $258.00 to $259.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 4.09% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. Citigroup increased their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Truist Financial initiated coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Finally, Barclays increased their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $257.00.

Illinois Tool Works Price Performance

Shares of ITW opened at $248.83 on Wednesday. Illinois Tool Works has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The company has a market capitalization of $74.34 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 3.69 and a beta of 1.13. The firm has a 50-day simple moving average of $260.64 and a 200-day simple moving average of $250.65. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm earned $2.34 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts anticipate that Illinois Tool Works will post 10.12 earnings per share for the current year.

Insider Transactions at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares in the company, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders sold a total of 189,471 shares of company stock valued at $48,712,316 over the last three months. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Illinois Tool Works by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Illinois Tool Works by 1.9% during the 3rd quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock worth $2,954,691,000 after acquiring an additional 244,145 shares during the period. Moneta Group Investment Advisors LLC lifted its holdings in shares of Illinois Tool Works by 106,553.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock worth $1,582,902,000 after acquiring an additional 7,178,474 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Illinois Tool Works by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,899,522 shares of the industrial products company’s stock worth $1,578,299,000 after acquiring an additional 97,568 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Illinois Tool Works by 12.1% during the 1st quarter. Geode Capital Management LLC now owns 5,611,731 shares of the industrial products company’s stock worth $1,363,875,000 after acquiring an additional 607,321 shares during the period. 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.