Illinois Tool Works (NYSE:ITW) Price Target Lowered to $215.00 at Barclays

Illinois Tool Works (NYSE:ITW) had its price target decreased by investment analysts at Barclays from $217.00 to $215.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the industrial products company’s stock. Barclays‘s target price points to a potential downside of 13.11% from the stock’s previous close.

ITW has been the topic of several other reports. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Saturday, July 20th. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday. Stifel Nicolaus lowered their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday. Wells Fargo & Company increased their target price on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, Truist Financial lowered their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $253.00.

Illinois Tool Works Price Performance

NYSE:ITW traded down $1.89 during mid-day trading on Wednesday, reaching $247.45. The stock had a trading volume of 641,005 shares, compared to its average volume of 1,168,549. The firm has a 50 day moving average price of $240.87 and a two-hundred day moving average price of $251.22. The stock has a market capitalization of $73.84 billion, a P/E ratio of 24.46, 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 debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during 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%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.41 earnings per share. As a group, analysts expect that Illinois Tool Works will post 10.14 earnings per share for the current year.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Illinois Tool Works

A number of institutional investors have recently made changes to their positions in ITW. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $26,000. Security National Bank purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $28,000. Finally, Rakuten Securities Inc. purchased a new stake in Illinois Tool Works during the fourth quarter valued at about $29,000. 79.77% of the stock is 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.