Illinois Tool Works (NYSE:ITW – Get Free Report) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
Several other research firms also recently issued reports on ITW. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday. Barclays dropped their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus lowered their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $255.22.
Read Our Latest Research Report on ITW
Illinois Tool Works Trading Down 0.4 %
Illinois Tool Works (NYSE:ITW – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the company earned $2.41 EPS. The firm’s revenue was down 1.2% on a year-over-year basis. On average, equities analysts predict that Illinois Tool Works will post 10.18 EPS for the current year.
Hedge Funds Weigh In On Illinois Tool Works
A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. Baird Financial Group Inc. grew its holdings in Illinois Tool Works by 45.7% during the fourth quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after purchasing an additional 149,210 shares during the period. Okabena Investment Services Inc. bought a new position in Illinois Tool Works during the fourth quarter worth about $459,000. Studio Investment Management LLC grew its holdings in Illinois Tool Works by 4.0% during the fourth quarter. Studio Investment Management LLC now owns 13,095 shares of the industrial products company’s stock worth $3,430,000 after purchasing an additional 506 shares during the period. Security National Bank of SO Dak grew its holdings in Illinois Tool Works by 1.6% during the fourth quarter. Security National Bank of SO Dak now owns 7,089 shares of the industrial products company’s stock worth $1,857,000 after purchasing an additional 115 shares during the period. Finally, Sanibel Captiva Trust Company Inc. bought a new position in Illinois Tool Works during the fourth quarter worth about $14,892,000. 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.
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