Illinois Tool Works (NYSE:ITW) Given New $260.00 Price Target at Stifel Nicolaus

Illinois Tool Works (NYSE:ITW) had its price objective decreased by analysts at Stifel Nicolaus from $268.00 to $260.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 4.38% from the stock’s previous close.

A number of other analysts have also recently commented on ITW. Truist Financial dropped their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on Illinois Tool Works from $275.00 to $267.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Wells Fargo & Company decreased their price objective on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. Barclays decreased their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $252.30.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $0.24 during mid-day trading on Wednesday, reaching $249.10. 224,879 shares of the company’s stock were exchanged, compared to its average volume of 1,165,699. The firm has a market capitalization of $74.33 billion, a PE ratio of 24.44, a P/E/G ratio of 3.78 and a beta of 1.10. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The business’s fifty day simple moving average is $240.87 and its 200 day simple moving average is $251.22.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.41 earnings per share. On average, sell-side analysts expect that Illinois Tool Works will post 10.14 earnings per share for the current year.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.88% of the company’s stock.

Institutional Trading of Illinois Tool Works

Several institutional investors have recently added to or reduced their stakes in ITW. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $26,000. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $26,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. Security National Bank bought a new stake in Illinois Tool Works during the 4th quarter valued at $28,000. Finally, Rakuten Securities Inc. bought a new stake in Illinois Tool Works in the 4th quarter worth $29,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Company Profile

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.