Illinois Tool Works (NYSE:ITW) Upgraded to “Buy” at StockNews.com

Illinois Tool Works (NYSE:ITW) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

A number of other brokerages have also issued reports on ITW. Wells Fargo & Company lowered their price target on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a research note on Wednesday. Citigroup lifted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Truist Financial reduced their target price on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday, July 2nd. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Finally, Barclays cut their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $251.20.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $245.89 on Thursday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The firm has a fifty day moving average of $241.39 and a 200 day moving average of $252.33. The firm has a market cap of $73.37 billion, a PE ratio of 24.25, a PEG ratio of 3.48 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.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 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 analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.33 earnings per share. As a group, research analysts predict that Illinois Tool Works will post 10.19 EPS for the current fiscal year.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board increased its holdings in Illinois Tool Works by 11.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 29,476 shares of the industrial products company’s stock valued at $6,789,000 after purchasing an additional 2,995 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Illinois Tool Works by 16.4% in the 3rd quarter. American Century Companies Inc. now owns 42,406 shares of the industrial products company’s stock valued at $9,767,000 after buying an additional 5,989 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in Illinois Tool Works by 0.6% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 10,930 shares of the industrial products company’s stock worth $2,533,000 after acquiring an additional 68 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in Illinois Tool Works during the 3rd quarter worth about $143,000. Finally, Sunbelt Securities Inc. boosted its holdings in Illinois Tool Works by 5.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 992 shares of the industrial products company’s stock valued at $228,000 after acquiring an additional 47 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.