Truist Financial Lowers Illinois Tool Works (NYSE:ITW) Price Target to $283.00

Illinois Tool Works (NYSE:ITW) had its price target decreased by research analysts at Truist Financial from $305.00 to $283.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target would suggest a potential upside of 19.99% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday. Citigroup raised 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. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a report on Tuesday, June 4th. Finally, Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $254.00.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $235.86 on Tuesday. The firm has a market cap of $70.38 billion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 3.48 and a beta of 1.10. Illinois Tool Works has a 52-week low of $217.50 and a 52-week 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 company’s 50 day moving average is $242.88 and its two-hundred day moving average is $253.50.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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 company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.33 EPS. On average, research analysts expect that Illinois Tool Works will post 10.26 EPS for the current fiscal year.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ITW. Turtle Creek Wealth Advisors LLC purchased a new position in Illinois Tool Works during the 4th quarter worth $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Security National Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $29,000. 79.77% of the stock is 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.