JPMorgan Chase & Co. Boosts Illinois Tool Works (NYSE:ITW) Price Target to $270.00

Illinois Tool Works (NYSE:ITW) had its price target lifted by research analysts at JPMorgan Chase & Co. from $267.00 to $270.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 8.42% from the stock’s previous close.

Other analysts have also recently issued reports about the company. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Saturday, July 20th. Truist Financial decreased their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday. 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 decreased their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $253.20.

Illinois Tool Works Trading Down 0.1 %

Shares of ITW traded down $0.30 during trading hours on Wednesday, hitting $249.04. The company had a trading volume of 400,983 shares, compared to its average volume of 1,166,815. The firm has a market cap of $74.31 billion, a P/E ratio of 24.63, a P/E/G ratio of 3.78 and a beta of 1.10. The stock’s 50 day moving average price is $240.87 and its 200 day moving average price is $251.22. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for 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%. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.41 EPS. On average, research analysts predict that Illinois Tool Works will post 10.14 EPS for the current year.

Insiders Place Their Bets

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, 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 can be accessed through this link. 0.88% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ITW. Norges Bank bought a new position in shares of Illinois Tool Works during the 4th quarter valued at about $818,408,000. Corient Private Wealth LLC grew its position in Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after acquiring an additional 346,919 shares in the last quarter. International Assets Investment Management LLC increased its stake in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after acquiring an additional 313,906 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in Illinois Tool Works during the first quarter valued at approximately $65,747,000. Finally, Pinebridge Investments L.P. lifted its stake in shares of Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after purchasing an additional 207,167 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

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.