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

Illinois Tool Works (NYSE:ITW) had its price objective reduced by equities researchers at Truist Financial from $305.00 to $283.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price points to a potential upside of 19.99% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Citigroup upped their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays decreased their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research note on Tuesday, June 4th. Stifel Nicolaus upped their price target 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. Wells Fargo & Company cut their price target 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. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $254.00.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $235.86 on Tuesday. The company has a market capitalization 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. The firm has a fifty day simple moving average of $242.88 and a 200-day simple moving average of $253.50. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.33 earnings per share. Equities research analysts anticipate that Illinois Tool Works will post 10.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the company’s 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 completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is owned by corporate insiders.

Institutional Trading of Illinois Tool Works

A number of large investors have recently modified their holdings of ITW. Truist Financial Corp grew its position in Illinois Tool Works by 29.8% in the 3rd quarter. Truist Financial Corp now owns 100,270 shares of the industrial products company’s stock valued at $23,093,000 after buying an additional 23,015 shares in the last quarter. Legacy Advisors LLC grew its position in Illinois Tool Works by 5.8% in the 3rd quarter. Legacy Advisors LLC now owns 945 shares of the industrial products company’s stock valued at $219,000 after buying an additional 52 shares in the last quarter. Scotia Capital Inc. grew its position in Illinois Tool Works by 155.8% in the 3rd quarter. Scotia Capital Inc. now owns 8,491 shares of the industrial products company’s stock valued at $1,956,000 after buying an additional 5,171 shares in the last quarter. Rainsberger Wealth Advisors Inc. bought a new position in Illinois Tool Works in the 3rd quarter valued at about $270,000. Finally, Royal London Asset Management Ltd. grew its position in Illinois Tool Works by 2.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 154,242 shares of the industrial products company’s stock valued at $35,524,000 after buying an additional 3,553 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.