Illinois Tool Works (NYSE:ITW) Downgraded by StockNews.com to Hold

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

Several other equities research analysts have also recently commented on ITW. Wells Fargo & Company lowered their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research note on Wednesday, December 11th. Finally, Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $270.11.

Illinois Tool Works Stock Performance

NYSE:ITW traded up $3.07 during trading hours on Tuesday, hitting $252.77. 792,320 shares of the company traded hands, compared to its average volume of 912,552. Illinois Tool Works has a twelve month low of $232.77 and a twelve month high of $279.13. The stock has a market capitalization of $74.64 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 4.22 and a beta of 1.11. The firm has a 50-day moving average of $265.34 and a 200 day moving average of $255.30. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.55 EPS. On average, analysts forecast that Illinois Tool Works will post 10.13 EPS for the current year.

Hedge Funds Weigh In On Illinois Tool Works

Several large investors have recently made changes to their positions in ITW. Fairscale Capital LLC bought a new stake in Illinois Tool Works in the second quarter worth about $30,000. True Wealth Design LLC boosted its stake in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works in the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter worth $35,000. Finally, Financial Management Professionals Inc. boosted its position in shares of Illinois Tool Works by 28.0% during the 3rd quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 47 shares during the period. 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.