JPMorgan Chase & Co. Downgrades Illinois Tool Works (ITW) to Underweight

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Illinois Tool Works (NYSE:ITW) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Thursday, MarketBeat.com reports. They presently have a $120.00 price objective on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 7.91% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. Seaport Global Securities downgraded shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and cut their target price for the company from $170.00 to $132.00 in a research note on Thursday, October 25th. ValuEngine downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Morgan Stanley downgraded shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $131.00 to $115.00 in a research note on Tuesday, December 18th. Zacks Investment Research raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Tuesday, September 25th. Finally, Credit Suisse Group reissued a “hold” rating and issued a $131.00 target price on shares of Illinois Tool Works in a research note on Friday, December 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $143.94.

NYSE:ITW opened at $130.31 on Thursday. The firm has a market cap of $43.13 billion, a PE ratio of 19.77, a PEG ratio of 1.62 and a beta of 1.22. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26. Illinois Tool Works has a 52-week low of $117.75 and a 52-week high of $179.07.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.02. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.72 billion. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.71 EPS. On average, analysts expect that Illinois Tool Works will post 7.6 EPS for the current fiscal year.

In other news, CFO Michael M. Larsen sold 58,736 shares of the company’s stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total transaction of $7,806,601.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest Scott Santi sold 108,885 shares of the business’s stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $133.19, for a total value of $14,502,393.15. Following the sale, the chief executive officer now owns 149,777 shares of the company’s stock, valued at approximately $19,948,798.63. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc grew its holdings in shares of Illinois Tool Works by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 25,617,374 shares of the industrial products company’s stock worth $3,615,123,000 after purchasing an additional 317,172 shares during the period. BlackRock Inc. grew its holdings in shares of Illinois Tool Works by 2.5% during the 3rd quarter. BlackRock Inc. now owns 21,290,319 shares of the industrial products company’s stock worth $3,004,489,000 after purchasing an additional 528,550 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Illinois Tool Works by 25.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock worth $975,518,000 after purchasing an additional 1,401,794 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Illinois Tool Works by 4.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,849,090 shares of the industrial products company’s stock worth $825,423,000 after purchasing an additional 274,579 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Illinois Tool Works by 20.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock worth $677,888,000 after purchasing an additional 830,998 shares during the period. Institutional investors and hedge funds own 76.41% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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