Illinois Tool Works (NYSE:ITW) Price Target Lowered to $229.00 at Barclays

Illinois Tool Works (NYSE:ITW) had its price objective lowered by equities research analysts at Barclays from $230.00 to $229.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s target price points to a potential downside of 6.12% from the company’s current price.

A number of other equities research analysts have also recently weighed in on ITW. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Truist Financial boosted their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $257.78.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded up $1.88 during trading hours on Thursday, hitting $243.92. The stock had a trading volume of 929,954 shares, compared to its average volume of 1,218,462. The stock’s fifty day simple moving average is $258.75 and its 200 day simple moving average is $251.73. The firm has a market capitalization of $72.87 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.55 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32. Illinois Tool Works has a 1-year low of $217.06 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 EPS. Sell-side analysts anticipate that Illinois Tool Works will post 10.35 earnings per share for the current fiscal year.

Insider Activity

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’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 completion of the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Randall J. Scheuneman sold 5,827 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The disclosure for this sale can be found here. Insiders sold a total of 139,471 shares of company stock valued at $35,970,816 over the last three months. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

A number of large investors have recently made changes to their positions in ITW. Vanguard Group Inc. increased its stake 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 buying an additional 1,238,239 shares during the period. Northern Trust Corp increased its stake in shares of Illinois Tool Works by 1.9% in the third 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 last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Illinois Tool Works by 1.4% during the third 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 in the last quarter. Norges Bank acquired a new stake in Illinois Tool Works during the fourth quarter valued at $818,408,000. Finally, Fisher Asset Management LLC grew its stake in Illinois Tool Works by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after purchasing an additional 122,840 shares in the last quarter. Institutional investors and hedge funds 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.