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

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

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday. Barclays cut their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Truist Financial increased their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $271.33.

Illinois Tool Works Trading Up 0.2 %

NYSE ITW opened at $254.86 on Thursday. The firm has a market capitalization of $75.26 billion, a P/E ratio of 22.05, a PEG ratio of 3.61 and a beta of 1.11. The business has a fifty day simple moving average of $260.77 and a 200 day simple moving average of $257.12. Illinois Tool Works has a 12 month low of $232.77 and a 12 month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. On average, analysts predict that Illinois Tool Works will post 10.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Illinois Tool Works

Large investors have recently made changes to their positions in the business. State Street Corp raised its stake in Illinois Tool Works by 1.2% during the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock valued at $3,277,127,000 after buying an additional 149,272 shares during the last quarter. Geode Capital Management LLC grew its holdings in Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after purchasing an additional 167,422 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Illinois Tool Works by 2.9% in the fourth quarter. Fisher Asset Management LLC now owns 3,443,251 shares of the industrial products company’s stock worth $873,071,000 after acquiring an additional 95,925 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Illinois Tool Works by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,516,979 shares of the industrial products company’s stock worth $638,205,000 after acquiring an additional 32,607 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Illinois Tool Works by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 2,503,537 shares of the industrial products company’s stock worth $634,797,000 after acquiring an additional 46,287 shares during the period. 79.77% of the stock is currently owned by 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.